BusinessMirror July 09, 2019 by BusinessMirror

REPORT: PHL TO BUY MORE IMPORTED MEAT AS DEMAND TO SURPASS LOCAL OUTPUT By Jasper Emmanuel Y. Arcalas @jearcalas

HE Filipinos’ increasing demand for meat products, which will be driven by the improvement in their purchasing power, will outpace local production and force the country to import more to meet domestic requirement by 2028. The United Nations’ Food and Agriculture Organization (FAO) and the Organisation for Economic Co-operation and Development (OECD) made this projection in a joint report, titled “Agricultural Outlook 2019-2028,” published on Monday.

A MAN tends to a meat stall somewhere in Makati City in this 2017 BusinessMirror file photo. According to projections in a joint report by two international agencies, the Filipinos’ increasing demand for meat products will outpace local production and force the country to import more to meet domestic requirements by 2028. BUSINESSMIRROR FILE

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The report indicated that Philippine meat production would increase at an annualized rate of 1.85 percent from 2019 to 2028 “due to rapidly increasing domestic demand” for animal protein products. However, the rate is slower compared to the annual production growth rate of 2.75 percent posted by the local livestock and poultry sector from 2009 to 2018. By 2028, the country’s total meat output is projected to reach 4.276 million metric tons, 22.03 percent higher than the average production of 3.504 MMT in 2016 to 2018. Despite the expected increase in domestic output, this will not be enough

A broader look at today’s business

Tuesday, July 9, 2019 Vol. 14 No. 272

‘Investors jittery over Trabaho bill delay’ T

By Cai U. Ordinario

@caiordinario

HE 18th Congress must immediately decide on the fate of the Tax Reform for Attracting Better and HighQuality Opportunities (Trabaho) bill if it wants to increase foreign direct investment (FDI) inflows into the Philippines, economists said on Monday. First Met ro Invest ment Cor p. (FMIC) Vice President and Department Head of Research Cristina S. Ulang told reporters in a news briefing that Congress should put an end to the uncertainties being created

by the nonpassage of the Trabaho bill. “The concern is just the speed [that’s the issue]. The uncertainty should be removed. So it should happen this year; we’re expecting Congress to pass it

this year and then maybe address some of the concerns. If the uncertainty is removed, then the FDI can come in,” Ulang told the BusinessMir ror on the sidelines of the briefing. “We’re not against it, we’re not

“The concern is just the speed [that’s the issue]. The uncertainty should be removed. So it should happen this year; we’re expecting Congress to pass it this year and then maybe address some of the concerns. If the uncertainty is removed, then the FDI can come in.”—Ulang

against Trabaho bill,” she added. “It should happen and whatever is the transition period, then the investor should know. If they know, they can decide.” Ulang said FMIC supports the passage of the Trabaho bill since they believe in a number of the provisions, such as the time-bound and performance-based incentives for investors. See “Trabaho bill,” A2

Meralco: Expect cut in July bill @llectura

OR the third consecutive month, electricity rates are set to go down in July despite the 13 yellow-alert warnings issued in the Luzon grid last month. The Manila Electric Co. (Meralco) said Monday that overall electricity rates for a typical household consuming 200 kilowatthours will drop to P9.9850 per kWh this July from last month’s P10.0918 per kWh. The downward adjustment of P0.1068 per kWh will mean a decrease of around P21 in the total bill. The third straight month of electricity rate decrease represents a total downward adjustment of around P0.57 per kWh since May. Generation charge, which makes up bulk of the electricity bill, increased to P5.4227 per kWh from P5.4158 per kWh, mainly on account of higher charges from the Wholesale Electricity Spot Market (WESM). However, charges attributed to the WESM were mostly offset by the lower charges of independent power producers (IPPs) and stable charges of power supply agreements (PSAs).

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EXPERTS HAVE MIXED VIEWS ON DIRECTION OF DOLLAR RESERVES By Bianca Cuaresma @BcuaresmaBM

OCAL economists shared mixed views on the direction of the country’s dollar reserves in the coming months, but they agreed on one thing— the local currency is expected to reverse its appreciation run and weaken toward the end of the year. Two of the country’s external indicators—its gross international reserves (GIR), as well as the value of the Philippine peso against the US dollar— have shown significant signs of recovery in the first half of the year after their relative rundown in 2018. In particular, the Bangko Sentral ng Pilipinas (BSP) reported just last week that the country’s GIR—or the level of dollar holdings the central bank

has in a given period—marked its eighth consecutive rise in June this year to hit $85.38 billion. The GIR took a beating toward the end of the year in 2018, moving to seven-year lows as the BSP battled to smoothen out volatilities in the then-depreciating value of the local currency against the dollar. It also came at a time when sentiment was down due to the accelerating inflation, which also peaked at 6.7 percent during those months. This follows the peso’s continuous appreciation versus the dollar, as it averaged at 51.80 to a dollar in June this year, from the 53.05 average in the same month last year. The peso also showed continuous strength against the dollar in July, as it ended Monday’s trade at 51.31 to a dollar. See “Philippine peso,” A2

Budget row, poll ban tied to weak 5-month NG spending of ₧1.3T

By Lenie Lectura

See “Meralco,” A12

See “Meat,” A2

BusinessMirror

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to meet the country’s meat requirement, which may expand by 2.27 percent annually from 2019 to 2028. The country’s meat consumption will rise 28.67 percent to 5.197 MMT by 2028, from the estimated 4.039 MMT. The double-digit growth in meat demand translates into a 0.90-percent average growth in the per-capita consumption from 2018 to 2027. The report projected that a Filipino would consume at least 34.6 kilograms (kg) of meat annually by 2028. The country’s per-capita meat consumption from 2015 to 2017 averaged 31.2 kg.

By Bernadette D. Nicolas

D UNDERVALUED? Sacks of rice are seen being delivered at a warehouse in Manila on Monday, July 8, 2019. According to a local farmers’ federation, the Bureau of Customs may have been losing billions in tariff collection because of the undervaluation of rice imports by traders and importers. See story on B3. NONIE REYES

Oil firms hike gas prices, cut diesel, kerosene

IL companies will implement a price increase in gasoline but will reduce diesel and kerosene prices. On Monday afternoon, oil firms said gasoline products will increase by P0.25 per liter. Diesel prices will go down by

PESO EXCHANGE RATES n

P0.40 per liter, while kerosene prices will be reduced by P0.35 per liter. The price adjustments of Pilipinas Shell, Total Philippines, Phoenix Petroleum, PTT Philippines, Eastern Petroleum and Seaoil will take effect at 6 a.m. of Tuesday, July 9.

This is the fourth consecutive week of price hikes for gasoline. The adjustment in local pump prices reflects movements in the international oil market. Other oil firms are expected to announce their price adjustment on Monday night. Lenie Lectura

@BNicolasBM

UE to the delay in the passage of the 2019 national budget and the election ban, national government spending as of end-May turned out to be “weaker than expected” at P1.3 trillion, the Department of Budget and Management (DBM) said on Monday. This was P10.6 billion, or 0.8 percent, lower than the level recorded for the same period last year. As of end-April, national government spending contracted by 3.2 percent. After months of operating under a reenacted budget, the President was only able to sign the 2019 General Appropriations Act on April 15. On top of this, an election ban was also imposed from March 29 to May 12, 2019. Still, DBM reported that disbursements are slowly recovering following a 7.8-percent growth in May 2019. As of end-May, Personnel Services expenditures grew by 7.7 percent with the salary increase and midyear bonus vis-à-vis the 6.7-percent growth recorded as of

end-April 2019. The same could not be said of infrastr ucture and capita l outlays, which both declined by 4.6 percent and 34 percent, respectively. Still, DBM said in the same report that this is still an improvement from the contractions of 7.3 percent and 36.6 percent, respectively, that were recorded during the first four months of the year. Meanwhile, subsidy suffered the biggest decline as it was reduced by P33.3 billion, or 62.9 percent, year- on-year due to minimal releases for the requirements of health insurance premiums of senior citizens enrolled under the National Health Insurance Program of the Philippine Health Insurance Corp. The bulk of the requirements of the PHIC and other government-owned and -controlled corporations are scheduled for release this second semester. For May 2019 alone, disbursements were posted at P314.7 billion, surpassing the P291.9 billion for the same month last year by P22.8 billion or 7.8 percent. See “NG spending,” A2

US 51.1570 n JAPAN 0.4718 n UK 64.1048 n HK 6.5622 n CHINA 7.4205 n SINGAPORE 37.6486 n AUSTRALIA 35.6922 n EU 57.4340 n SAUDI ARABIA 13.6419

Source: BSP (8 July 2019 )

News

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A2 Tuesday, July 9, 2019

Duterte endorses Cayetano, term sharing with Velasco

By Jovee Marie N. dela Cruz

@joveemarie

RESIDENT Duterte has endorsed the bid of Taguig Rep. Alan Peter Cayetano for the speakership, in a term-sharing arrangement with his strongest rival, Marinduque Rep. Lord Allan Velasco. The third of the strongest candidates for the top post of the House of Representatives, Leyte Rep. Martin G. Romualdez, will serve as majority floor leader in the supposed set-up. “I tried to distance myself from the [speakership] but I said it’s time that I talk. So that’s the setup,” the President said in his speech during the oath-taking of new government officials in Malacañang on Monday. This will be the first time that the House of Representatives will have a term-sharing setup as proposed by a President. Lawmakers earlier rejected term sharing, saying “it is not going to be healthy for the chamber.” They also said a change in the House leadership entails changes in committee chairmanships and this could disrupt committee hearings, including those related to the national budget. In an interview on the sidelines

Trabaho bill. . . Continued from A1

While she agreed that incentives cannot be extended forever, Ulang said Congress should address the concerns of businessmen on the final version of the bill. In May, Philippine Ecozones Association (Philea) President Francisco S. Zaldarriaga told the BusinessMirror that economic zone developers are in a wait-and-see mode on whether the Trabaho bill will be transmitted to Malacañang under the 17th Congress. Zaldarriaga said the group has yet to evaluate investment losses from the uncertainties, but claimed it “definitely” took a toll on capital inflow to the Philippine Economic Zone Authority (Peza). Investments registered with the Peza last year slumped 40.97 percent to P140.24 billion, from P237.57 billion in 2017. A total of 529 fresh projects represented these investment pledges, from the 554 projects in 2017.

Expectations

THE passage of the Trabaho bill is just one of the things that the FMIC is expecting to come out of the last three years of the Duterte administration. Other things that the government should prioritize, FMIC Chairman Francisco C. Sebastian said, is its “Build, Build, Build” (BBB) program so it can continue and deliver on its promises of growth and development. Sebastian said infrastructure projects are “difficult” in terms of implementation and funding. However, he said it was encouraging to see the Duterte administration shore up funds for the program. He noted that the government was able to obtain funds for the BBB using Official Development Assistance (ODA) and even through the capital markets. FMIC’s chief said the government’s recent foray into the Renminbi market was “well-received.” This, he said, is a testament to the recent credit rating upgrades received by the country such as the BBB+ from S&P Global Ratings. “Even more heartwarming is the credit upgrade which is a very pleas-

of the oath-taking, Duterte said he endorsed Cayetano because the Taguig lawmaker was the first contender who sought his endorsement. “I am just trying to end the impasse. Nobody was sure to [vote] for whom. [I didn’t see the need] to intrude but considering what happened in the last few days, and with the session starting in a few days, it’s time for me to talk,” he said. Cayetano was the President’s running mate in the 2016 national elections and former secretary of the Department of Foreign Affairs. He is from the Nacionalista Party while Velasco is from Duterte’s party, PDP-Laban. In his speech, the President also asked the next leaders of the lower chamber to prioritize the proposed Charter change, which he deemed as his first request. “We have to change the Constitution, whether federal or whatnot. ant surprise. This is important not just for the peso, not just for the Philippines, but the Philippines’s ability to tap foreign markets to fund infrastructure. So if there’s one singular thing that we want to happen, its infrastructure,” Sebastian said. Former Central Bank Deputy Governor Diwa C. Guinigundo earlier said a credit rating upgrade from the Japan Credit Rating Agency (JCRA) was also imminent since the Philippines was given a rating of “BBB” with a positive outlook from the ratings agency. With these developments, FMIC President Rabboni Francis Arjonillo said they would also like to see an “A” credit rating happen before the President steps down from office in 2022. “[This is] premised on the fact that despite our aggressive infrastructure activities, our financial position remains strong and it remains at the back of new taxes that were created, basically part of the TRAIN initiative,” Arjonillo said. In May, the Department of Finance (DOF) reported that revenues for the first year of the TRAIN law’s implementation surpassed the government’s target. In a statement, the DOF’s Strategy, Economics, and Results Group (Serg) led by Undersecretary Karl Kendrick T. Chua said revenues attributable to the implementation of the TRAIN law reached P68.4 billion for 2018, which is 8.1 percent higher than the full-year target of P63.3 billion. The Serg reported in a recent Executive Committee meeting that the largest gains for the year under the TRAIN were seen in tobacco excise, auto excise and documentary stamp tax (DST) collections. Personal income tax (PIT) collections were also higher than expected due to better compliance and an increase in the number of registered taxpayers. Taken together, these highest gainers contributed around P51.5 billion of the P68.4-billion revenue from TRAIN, according to the DOF. The DOF said that total auto excise tax revenues for 2018 went beyond the target of P6.2 billion, owing in part to higher purchase for vehicles, while DST revenue was also above target by P4.7 billion on higher transactions value and better collection efficiency.

[I told them], If you want to change the Constitution, do it now while I’m still here,” he said.

Vows

CAYETANO pledged to make the House of Representatives the “Congress of the people.” “I’d like to start out by thanking the Lord Father Jesus for giving us strength and wisdom. We pray to the Lord to give the President good health and wisdom,” said Cayetano in a Facebook video. He also committed to address price increases, provide jobs, and a safe and comfortable life for Filipinos through legislation. “[I will also push for a] better relationship between House and Senate, House and Judiciary, and House and Malacañang. It will be a challenge but we are up to the challenge,” Cayetano added. Cayetano urged his fellow lawmakers to unite and join the “Diehard Duterte Super Majority” or DDSM. “To all congressmen, please join the Die-hard Duterte Super Majority. The DDSM has come to town. We’re going to show that it’s not only President Duterte who has the political will but also the House of Representatives,” he added.

Terms of Speaker

SALVADOR S. PANELO, chief presidential legal counsel and presidential

NG spending. . . Continued from A1

The year-on-year performance growth of national government disbursements for the month was attributed to the growth of major expense items. Personnel services expanded by 10.9 billion or 10.2 percent on the back of implementation of the last tranche of the Compensation Adjustment of 2016 and payment of the mid-year bonus of government employees equivalent to one-month basic salary. Infrastructure and capital outlays for the month also grew by P3.4 billion or 5.9 percent to reach P61.5 billion, rebounding from the 56.9-percent contraction in April. This was because of disbursements for foreign-assisted infrastructure projects of the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH), as well as for capital outlay (CO) projects under the Armed Forces of the Philippines (AFP) Modernization Program. Net lending also significantly increased to P15 billion from P1.4 billion last year, largely due to P14.8-billion national government

Term limits. . . Continued from A12

Jr. (1987, 1992, 1998); Miriam Defensor-Santiago (1995, 2004, 2010); Gregorio Honasan (1995, 2007, 2013);  Rodolfo Biazon (1992, 1998, 2010); Loren Legarda (1998, 2007, 2013); and incumbent Sens. Vicente Sotto III (1992, 1998, 2010, 2016); Franklin Drilon (1995, 2001, 2010, 2016); Panfilo Lacson (2001, 2007, 2016); Francis Pangilinan (2001, 2007, 2016); Lito Lapid (2004, 2010, 2019); Ramon “Bong” Revilla Jr. (2004, 2010, 2019); Pia Cayetano (2004, 2010, 2019); and Aquilino “Koko” Pimentel (2007, 2013, 2019). The petitioners also named 31 former and current members of the House who benefited from Comelec’s failure to enforce the term limit on elective officials. “It is readily apparent that respondent failed to perform a mandated ministerial function under the Constitution because had it denied giving due course to the certificates of candidacy of the above individuals, based on the text of Sections 4 and 7, they would not have been allowed to run and to be

spokesman, said Cayetano will first occupy the Speaker post. “It’s Alan Cayetano as the Speaker in the first 15 months, then the next 21 months, the Speaker will be Lord Allan Velasco, with Martin Romualdez as the majority floor leader,” Panelo said. According to Panelo, the three candidates for the speakership sought the assistance and help of the President to settle the conflict among them. “Since the election of the Speaker has resulted in a bitter and fractious rivalry that threatens the break-up of political allies, the President, to save the unity of the alliance and avert its fragmentation, obliged to the request of the three candidates, who to their credit agreed to respect the choice of PRRD,” he said. Five lawmakers are vying for the speakership namely, Cayetano, Velasco, Romualdez, Davao City Rep. Isidro Ungab and Bayan Muna Rep. Carlos Isagani Zarate. The President’s son and Davao City Rep. Paolo Duterte has backed out of the race and supported the bid of Ungab, who is from Hugpong ng Pagbabago, the party founded by Davao City Mayor Sara Duterte. The 18th Congress will convene and elect the next Speaker on July 22, on the same day the President will deliver his fourth State of the Nation Address.

advances to the National Food Authority (NFA). These advances were intended for the payment of NFA’s outstanding obligation as part of its debt-reduction plan with the expected winding down of its operations under RA 11203 or the Rice Trade Liberalization Act. Moving forward, the DBM aims to accelerate the pace of government spending by the second half of the year. In a bid to facilitate budget execution and help agencies with their catch-up plans for their respective programs, activities, and projects, the DBM has also begun processing the release of second-semester cash allocations of agencies. These will be credited on the first working day of each month and are valid until the last working day of the third month of the quarter covered. As of end-May 2019, the remaining balance from the P3.66-trillion obligation program for this year is P668.6 billion or 18.3 percent of the program. This consisted largely of unreleased allotments in Special Purpose Funds (P373.1 billion) and in agency-specific budget (P294.4 billion). Releases from these balances are subject to the submission of special budget request by agencies. elected to office for more than two consecutive terms,” the petitioners said.

‘Hiatus’ allowed

THE petitioners argued that the Comelec has failed to enforce the term limit by allowing elective officials to have a respite or “hiatus,” despite the absence of such permission in the text of the said provisions in the Constitution. They argued that Sections 4 and 7, Article VI of the Constitution are regulatory rules whose aim is to restrict conduct for particular purposes such as to “guarantee equal access to opportunities for public service.” “Sections 4 and 7, Article VI, 1987 Constitution do not grant power. Rather, they limit the grant of power. If they are limitations to a grant of power, the more that they should be construed narrowly or restrictively,” the petitioners explained. “Hence, the respondent cannot expand the limitation of power by allowing aspirants for the office of a senator or member of the House of Representatives to seek a third or fourth term after serving ‘two or three consecutive terms,’ respectively,” they added.

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DTI chief not backing biz groups’ veto-SOT call By Elijah Felice E. Rosales

@alyasjah

RADE Secretary Ramon M. Lopez is backing the Labor department’s push for the security of tenure (SOT) bill awaiting the President’s signature, and expressed hope President Duterte will sign the measure that he says will legitimize various forms of contractualization that will make clear the country’s employment regime. Lopez told reporters he is in favor of the SOT bill awaiting the President’s signature. For him, it strikes a good balance between the welfare of workers and interest of employers. “I have looked at that version submitted to the President, and I think it addressed many of our concerns [on the] security of tenure of workers, which is also our concern, that [workers] will become regular employees either of the contractor or the contractee,” Lopez said. “That is why I am for the [passage of the] new law. [The SOT bill] really improves the security of tenure process here in our country,” he added. Furthermore, Lopez argued the SOT bill legitimizes various forms of contractualization, such as season-based employment and project-based work, and clears any confusion on what is allowed and what is not under labor laws. “The more important thing that made me support this bill is [that] it allows legitimate contractualization. In other words, you can get these contractors on this fair basis,” the trade chief explained. “That is why, frankly, I supported the SOT [bill] and did not join the group wanting to veto [it],” he added.

Call for veto

LOPEZ was referring to several business groups that submitted to Duterte last week a letter asking for the veto of the SOT bill. They argued that the right to a secure tenure in the workplace is “not absolute,” and employers should maintain their power to dismiss a worker who is no longer performing subject to observance of due process. They added that approving the SOT bill could work against the Philippines in the face of a changing labor regime, in which contractual employment is perceived to be the future. “The concept of dependent employment is steadily being eroded. Under the future of work, there will be an unprecedented rise of independent contractors, telework and a constellation of other Internetenabled companies,” the businessmen’s letter read. Lopez dismissed the concerns of employers, and said they will retain their power to dismiss a worker even under the employment regime proposed by the SOT bill. “On the protection of firms, they can still—proven that the worker is performing poorly and that conclusion was reached after due process—terminate people. The law allows for that as long as it is done with due process,” Lopez said. Workers are banking on the SOT bill to prohibit all forms of contractualization in fulfillment of the President’s promise to do so, as they argued that previous executive actions—Executive Order 51 and Department Order 174 of the labor department— outlawed forms of contractual employ ment that are already banned under the Labor Code and existing laws.

Philippine peso. . .

However, this appreciation run is not likely to last, economists agree, as several local developments are likely to put pressure on the peso toward the latter months of the year. ING Bank Manila economist Nicholas Mapa said he expects the peso to be affected by depreciation pressures as imports build up in the “ber” months given seasonality. “However, if portfolio and direct investment flows continue, we could see this pressure mitigated to some extent,” he said. Economist Robert Dan Roces, meanwhile, said their models at Security Bank show the local currency ending the year with somewhere between 52 to 53 to a dollar. “We still expect the peso to be weaker from current levels by the finish line, with reasons mainly from: our twin deficits with a growing Current Account negative balance, US Fed pausing and higher probability of one rate cut this second half of the year, BSP looking to aggressively cut policy rates as well to support investments, BPOs, [business-pricess outsourcing] and remittances,” Roces said. Rizal Commercial Banking Corp. (RCBC) economist Michael Ricafort, meanwhile, has a more conservative view of the peso—with expectations of an end-year value hitting a ceiling of 52.2 to a dollar. Should sentiment be even more positive, the peso could hit 51.5 to a dollar by end year, according to Ricafort. Th e co u nt r y ’s G I R , h owe ve r, is a different story.

Meat. . .

Continued from A1

The country’s meat imports are estimated to expand by 4.43 percent annually from 2019 to 2028 to plug the shortfall in local output. The Philippines is estimated to import 924,000 MT of meat by 2028, nearly double the average volume imported in 2016-2018 of 542,000 MT. “The Asian region will continue to dominate in the area of meat imports, accounting for 56 percent of global trade,” the report read. “The greatest increases will originate from the Philippines, along with members

Continued from A1

RCBC’s Ricafort said he expects the country’s dollar defenses to increase further toward the end of the year and even post new record highs due to the following factors: the Philippines’s S&P upgrade to BBB+, possible continuation of net foreign portfolio investment inflows amid easing in inflation and local interest rates, continued growth in the country’s structural US dollar/foreign currency inflows and proceeds from the government’s foreign bond issuances. Security Bank’s Roces, meanwhile, said he expects the country’s GIR to thin further to the tune of $75 billion this year. “It’s just an estimate based on sustainability of inflow, and also our external debt servicing schedule. The current level is already [on a] par with last month’s so we’ll have to see if the upward momentum has peaked or will still be sustained in the next two months,” Roces said. ING’s Mapa, meanwhile, expressed confidence that the level of the country’s dollar reserves has been enough and will still be enough in the nearterm amid its projected movement. “We note other studies on GIR adequacy from IMF [International Monetary Fund] research papers that show the Philippines has more than ample GIR to deal with bouts of stark risk off tone so there should be no concern on GIR levels and we may likely not need to carry out unwarranted GIR buildup at the expense of economic growth,” Mapa said.

of the CPTPP2 (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), such as Japan, Malaysia and Vietnam, where consumption and import growth, supported by favorable economic growth, will outpace domestic production expansion,” it added. From 2019 to 2028, local pork output could increase annually by 1.76 percent to 2.226 MMT from the estimated output of 1.861 MMT. Demand is expected to reach 2.417 MMT by 2028, higher than the current 1.992 MMT. For poultry, production is projected to expand by 2.02 percent annually to 1.619 MMT by 2028, lower than the estimated total demand of 2.13 MMT for chicken meat.

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Tuesday, July 9, 2019 A3

NBI files charges PNP deploys addl police commandos vs KAPA officers to ‘wipe out’ ASG bandits in Mindanao By Joel R. San Juan @jrsanjuan1573

HE National Bureau of Investigation (NBI) on Monday filed syndicated estafa and violation of the provisions of the Securities Regulation Code (SRC) before the Department of Justice (DOJ) against 14 officers of KAPA Community Ministry International Inc. (KAPA) who are allegedly behind another Ponzi scheme involving P50 billion in investment of its more than 5 million members. The complaint was filed on behalf of three of the million of investors of KAPA who claimed that they were duped by its officers into investing their hard-earned money with guaranteed high returns. The identity of the complainants, however, was withheld by the NBI, citing security reasons, except that among the complainants are a mother and her son. Charged were KAPA Founder and President Joel Apolinario, its incorporators officers Nonita Urbano, Junnie Apolinario, Nelio Nino, Maria Pella B. Sevilla, Jouelyn del Castillo, Cristobal Barabad, Joji Jusay, and other officers Reyna Apolinario, Modie Dagala, Benigno Tipa Jr., Marnilyn Maturan, Ricky Taer and Margie Danao. The NBI specifically charged the respondents with five counts of violation of Section 8 and 26 of the SRC, and eight counts of syndicated estafa as defined and penalized under Presidential Decree 1689. Section 8 of the SRC states that “no person shall engage in the business of buying or selling securities in the Philippines as a broker or dealer, or act as a salesman, or an associated person of any broker or dealer unless registered with the SEC.” On the other hand, Section 26 of the SRC prohibits a Ponzi type of investment scheme and considers it a fraudulent transaction. “The investment scheme of K APA, being in the nature of securities, is required under Section 8 of the SRC to be registered before being offered or sole to the general public. However, K APA is not a registered issuer of securities under Sections 8 and 12 of the SRC and, therefore, not licensed to issue or offer securities to the

public,” the complaint read. Based on the records of the Securities and Exchange Commission, KAPA has no license or permit to sell or offer for sale, or engage in the distribution of securities within the Philippines as certified to by the SEC’s Markets and Securities Regulation Department, the Corporate Governance and Finance Department and the Company Registration and Monitoring Department. The NBI noted that based on the surveillance conducted by its poseur agents, the firm’s Taytay Office at Block 2, Lot 19, Greenville East,Taytay, and in Quezon City revealed that the group continued to transact with the public despite revocation of its certification of registration by the SEC. “Publicly offering and selling said investment contracts without a license or approval from the SEC is not only illegal per se but would also operate as a fraud or deceit upon any person,” the complaint read. With regard to the crime of syndicated estafa, the NBI said this was proven when an NBI team went to KAPA offices to investigate and conduct case buildup and personally witnessed the pyramiding activities of KAPA. It recounted that the team composed of NBI agents even invested money to K APA offices as poseur investors just to verify its illegal activities. “To repeat, KAPA has employed deceit through false pretenses and fraudulent acts when it collected investment money from the public in the guise of donations with a promise of 30-percent perpetual monthly interests in the guise of ‘blessings.’ Such transactions clearly fall in the realm of investment contracts,” the NBI said. “This is an act of deception intended to defraud the public, as well as the government. By failing to disburse the investors’ capital interest, its victims suffered damages equivalent to their respective investments,” it added. One of the complainants, a female senior citizen, told the NBI that she was duped of her retirement fund amounting to P500,000 which she invested into the group while her 38-year-old son invested P45,000 to KAPA’s scheme.

By Rene Acosta

@reneacostaBM

HE Philippine National Police (PNP) will be sending additional Special Action Force (SAF) troops in Mindanao in line with President Duterte’s order for security forces to “wipe out” the Abu Sayyaf Group (ASG), PNP chief Director General Oscar D. Albayalde said on Monday. This developed as the PNP Crime Laboratory in Mindanao is expected to wrap up its report on the twin bombings at the camp of the Army’s

1st Brigade Combat Team in Indanan, Sulu, including the forensic examination of the bodies of the two supposed “suicide bombers.”

@joveemarie

LAWMAKER has expressed hope that a Freedom of Information (FOI) law will finally pass this 18th Congress, or more than 30 years after the 1978 Constitution mandated the right to information. Cebu Rep. Raul del Mar said he filed House Bill 12 to put in place the enabling law necessary to implement the constitutional provision on the right of the people to information on matters of public concerns. Citing the 1987 Constitution, del Mar said citizens shall be afforded access to official records, and to papers and documents pertaining to official transactions, acts, or decisions, as well as government research data used as basis for policy development. The FOI Act was passed several times in previous congresses but failed to reach the Office of the President as both chambers failed to harmonize their versions. The proposed law covers all government agencies in the Executive, Legislative, and Judicial branches, including departments, bureaus, offices, agencies and instrumentalities of the national government; Constitutional Commissions and constitutionally mandated

bodies; local government units and their agencies; regulatory agencies; chartered institutions; governmentowned- and -controlled corporations; financial institutions; state universities and colleges; the Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP); all offices in the Congress of the Philippines, including the offices of the senators and representatives; and the Supreme Court. It mandates the President, Vice President, Members of the Cabinet, Justices of Supreme Court, Members of Constitutional Commissions and other constitutional offices, and Officers of the Armed Forces of the Philippines with general or flag rank to make their annual Statement of Assets, Liabilities and Net Worth (SALN) declaration available and accessible in the official web site of their respective offices. Under the bill, all agencies and branches of the government are required to publish in their web sites and update on a monthly basis the following information in full: FOI manual; rules of procedure, description of forms available, the places at which forms may be obtained, and instructions as to the scope and contents of all papers, reports, or examinations; substantive rules of general applicability adopted as authorized by law, and statements

which will also back up a battalion of SAF troopers deployed in Sulu and Basilan, will come from the five battalions of SAF that are seen to graduate, possibly in two months after undergoing the commando course. “They are already on test missions. If they will have early encounters, they will graduate,” he said of the five battalions. Engaging in actual encounters is a mandatory part of graduating from the SAF course. Albayalde said that aside from personnel, the PNP has been helping the military in its anti-terrorism campaign in Mindanao through joint operations and intelligence support. “This is the intensified intelligence information gathering together with the counterparts from the AFP, and of course, from our foreign counterparts,” he said.

Labor group slates Sona day protests Marina to stakeholders: Ensure By Samuel P. Medenilla @sam_medenilla

ORKERS will stage an anti-China protest rally during President Duterte’s upcoming midterm State of the Nation Address (Sona) later this month to oppose his administration’s alleged encroachment on the country’s waters. In a news statement, Kilusang Mayo Uno (KMU) Chairman Elmer Labog said this will be the highlight of their traditional Sona demonstrations on July 22. “Workers are set to highlight Duterte’s puppetry to China, along with other labor and human-rights violations,” Labog said. He said they hope the move will compel the government to adopt a more independent foreign policy, especially on the “allusion” incident at the Recto Bank in the West Philippine Sea. The incident happened last month after a Chinese ship rammed a Philippine fishing boat, endangering the lives of 22 Filipino fishermen. Labog demanded for an independent third party probe on the incident after initial government statements showed the Chinese may have not been liable in the incident.

He warned Duterte could face possible impeachment if it will be proven he allows China’s intrusion in Philippine sovereign territory. “We will not tolerate Duterte’s puppetry to China. We will support any moves to impeach Duterte for disgustingly lawyering for China amid their gross violations on our sovereignty in exchange for Xi Jinping’s economic and political support for his mass murdering fascist dictatorship which is now threatened by the people’s outrage and protests,” Labog said. In a related development, Migrante International said that China’s continuous “aggression” in the West Philippine Sea may eventually displace Filipinos in the affected fishing villages. “Millions of fisherfolks in our coastal regions are bearing the brunt of the ineptitude of Duterte’s security cluster,” MI said in a separate news statement. “Many more Filipinos from these poor fishing communities would now be driven to sign up for overseas jobs in place of their besieged livelihood, while Chinese-owned fishing vessels and naval ships are plundering our marine resources and defiling our national integrity,” it added.

Hope springs eternal: Lawmaker says passage of FOI bill rests on members of 18th Congress By Jovee Marie N. Dela Cruz

“I think the crime bab would be submitting [the report] anytime today there in Mindanao. The Armed Forces of the Philippines would be given a copy. It would be up to them to make the announcement,” Albayalde said. Earlier, Defense Secretary Delfin N. Lorenzana said that while the remains of one of the reported bombers have been claimed by his Filipino family in Jolo, Sulu, cross matching would still have to be done in order to ascertain that the bomber was really a Filipino. Albayalde said the sending of additional police commandos in Mindanao, including in Sulu and Basilan was planned in order to help Army and Marine forces there who have been running after the ASG and other lawless groups. He said the augmentation force,

of general policy or interpretation of general applicability formulated and adopted by the agency, including subsequent amendments; public documents or records to include, among others, annual budget of government agencies, summary of expenditures, summary of income and expenditures, and public funding extended to any private entity. Moreover, the measure said all government agencies are directed to publish in the Open Data Philippines web site, datasets generated in the implementation of agency mandates, programs, activities, and projects for the purpose of enhancing the public’s access to government information and abiding by the international commitments of the Philippines to transparency and government openness. It added every Filipino citizen has a right to and shall, upon request, be given access to any record under the control of a government agency unless the information is specifically authorized to be kept secret under guidelines established by an executive order, and properly classified pursuant thereto; the information discloses investigator y records complied for law enforcement purposes or information which are contained in such records; and the infor-

mation pertains to a testimony, document, or discussion obtained during an executive session of the Congress of the Philippines or any of its committees. The measure said access to information shall be denied if the information pertains to the personal information of a natural person, whether from the public or private sector, and its disclosure constitutes an unwarranted invasion of personal privacy; the information pertains to trade secrets, commercial or financial information, or intellectual property obtained from a natural or juridical person other than the requesting party; and the information is classified as privileged communications in legal proceedings by law or by the Rules of Court. It said access to information that is exempted from disclosure by the Constitution or law; and when presumably disclosed, the information would, in case of a government agency that regulates financial institutions and the financial markets that they deal in likely lead to fraud, manipulation, or other unlawful acts or schemes involving financial instruments or, in case of other government agencies, likely impede the effective implementation of a proposed official action shall, likewise, be denied.

‘zero accident’ this rainy season By Lorenz S. Marasigan

@lorenzmarasigan

HE Maritime Industry Authority (Marina) has instructed stakeholders to “conduct necessary actions to achieve zero maritime accident” this rainy season. In an advisory, Marina reminded shipowners, ship operators, bareboat charterers, ship managers, and other concerned stakeholders “to ensure maritime safety at all time, especially this rainy season.” Marina ordered maritime players to operate their ships to implement their respective Safety Management System and Preventive Maintenance System, both of which may ensure that their operations “are safe for the passengers and contribute minimal negative impacts to the marine environment.” The regulatory body also instructed them to observe the latest weather forecast, conduct proper risk assessment of shipboard operations, and apply control measures, as needed. It, likewise, ordered players to have adequate communication and navigational devices, lifesaving appliances, firefighting systems, as well as cargo securing/handling equipment that are accessible and ready for usage onboard. “Marina believes that maritime stakeholders play a major role in ensuring a safe culture in the Philippine maritime industry. Hence, the agency seeks their active cooperation for a safe, comfortable, and convenient sea transportation in the country at all times, especially this rainy season,” the regulatory body said.

A4 Tuesday, July 9, 2019 • Editor: Vittorio V. Vitug

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Economist: Let’s be more realistic on China funding By Cai U. Ordinario @caiordinario

HE Philippines should be “more realistic” about its expectations when it comes to Chinese funding given its track record in recent years, which is supported by data from the national government. In its Midyear Economic and Capital Markets Briefing on Monday, University of Asia and the Pacific (UA&P) Vice President Bernardo M. Villegas said “only a sliver” of the $24-billion funding promised by China has come through for the Philippines. The latest data released by the National Economic and Development Authority (Neda) in June showed that only four loans and grants worth a total of $364.92 million are currently ongoing. “We have to be more realistic about our expectations,” Villegas said. “There is the harsh reality that the Chinese are very good at promising but very slow in delivering.”

Neda data showed that the active loan projects are the Chico River Pump Irrigation Project and the New Centennial Water SourceKaliwa Dam Project, which together amounts to $273.3 million. The ongoing China grants, Neda data showed, are the Binondo-Intramuros and Estrella-Pantaleon Bridges worth a total of $91.62 million. These four projects, worth a combined P300.77 billion, are included in the 75 flagship projects of the government. At least 12 of these flagship projects are being financed by China.. The rest of the China-funded flagship projects are either undergoing procurement or budget financing. There are also four other flagship projects worth P141.02 billion where China is also involved. However, China’s involvement is in the conduct of feasibility studies. This is for the Mindanao Railway Phase 2 and 3 projects, as well as the Camarines-Catanduanes Friendship BridgeandLeyte-SurigaoLinkBridge. “[Based on the] track record you

see in the last few years, what projects funded by China have actually started?” Villegas said. “Without saying that we should not deal with China, let’s deal a lot also with Japan, South Korea and Taiwan, who have as much technology and infrastructure, even better sometimes than China, because we’re talking about a lot of infrastructure. I would want to see a big road show to South Korea, a big road show to Taiwan, in particular, because the Taiwanese president is actually telling the Taiwanese companies ‘please leave China and go to Southeast Asia,” he explained. Villegas also pointed out that China also has its own financial and economic woes, with a total domestic debt that already increased to about 300 percent of its gross domestic product, most of which were incurred by state-owned enterprises. This, Villegas said, is also the reason the Philippines will not fall into a debt trap because of Chinese funding. China’s fiscal position, he

said, will limit the country’s access to more loans. Nonetheless, Villegas said, despite these concerns, he believes China is still a valuable partner for the Philippines. He said Filipino companies would do well to partner with Chinese firms, especially when it comes to efforts to cope with the Fourth Industrial Revolution. Villegas added China can be a good source of electric vehicles, solar panels, smartphones, financial technology and biotechnology products. Further, Villegas said with a large population that is becoming richer, China can be a good market for the country’s high-value crops. He said that as household incomes increase, their consumption of fruits and vegetables correspondingly increases. “The greatest fear of the Chinese is precisely food security. They will be less and less stringent in their control of agriculture because they know they will not be able to feed themselves, especially with highvalue crops. Because, as you very well

know, as a family becomes richer and richer, their consumption of carbohydrates goes down and they consume more fruits, more vegetables, and that’s what the Philippines has to offer,” Villegas said. This means, Villegas said, that the Philippines should finds ways to boost agriculture production, particularly in high-value commercial crops (HVCC). He also said there is a need for the President to also choose a “better” leader in the sector to replace outgoing Agriculture Secretary Emmanuel F. Piñol. Piñol has offered to resign from his post following reports of him being transferred to Mindanao Development Authority (MinDA) last month. Senator-elect and former Assistant to the President Christopher “Bong” T. Go confirmed this and said he already gave a copy of Pinol’s courtesy resignation letter to the President. “We need a better leader in agri-

culture. We did not have one in the first three years,” Villegas said. The President’s confidante also said Piñol stated in his letter that the secretary is willing to be transferred to MinDa to serve as its chief, following the death Abul Khayr Alonto. In his letter that was read by Go to the media, Piñol said: “With the best interest of the Department of Agriculture and its stakeholders, may I request that I be relieved from my present position as secretary of agriculture and reassigned to whichever agency you believe I will be effective, including the Mindanao Development Authority or MinDA.” Asked what prompted Piñol to resign, Go said perhaps the secretary felt that he is about to be replaced. Go said Piñol’s resignation may also have been prompted by the dissatisfaction of economic managers on how he handled the rice crisis. Piñol has long been rumored as on the way out, and some earlier reports said he will be replaced by former Agriculture Secretary William Darr.

Passage of occupational safety bill for actors, entertainment workers gets labor groups’ support By Samuel P. Medenilla @sam_medenilla

ABOR groups on Monday threw their support for the passage of a bill that seeks to ensure the occupational safety of workers in the entertainment industry. Partido Manggagawa (PM) Chair-

man Renato Magtubo said they support House Bill 191, or the actors occupational safety and health standard bill, to finally address the work-related risks in the said sector. He said the legislation will have provision for the deployment of safety and medical personnel, pieces of ‘lifesaving’ medical equipment, and an ambulance” during

on-location shooting. The bill was filed by 1-PACMAN Party-list Rep. Michael Romero after the death of his stepfather, Eddie Garcia, who passed away last month from an injury after tripping on wire during a teleserye shooting. Among its salient points are the deployment of safety and medical personnel in all workplaces in the

entertainment industry; mandatory personnel and production insurance coverage; standard working hours; and fine for violators. Trade Union Congress of the Philippines (TUCP) Spokesman Alan Tanjusay expressed his support for the draft of the bill, which, he said, is already “comprehensive” enough. “We hope it would be passed as

soon as possible to make sure compliance and avoid life-risking workplace mishaps,” Tanjusay said. For his part, Federation of Free Workers (FFW) Vice President Julius Cainglet also approved the existing provisions of the bill, but he said Congress should still conduct exhaustive consultations with the parties, who will be

affected by it to finalize the draft. “We hope producers and other employees, on one side, and actors and other employees, on the other, should engage in social dialogue to determine what is best for the industry and all its workers,” Cainglet said. He noted the dialogue will also cover issues on security of tenure and wage gap of the staff.

SALCEDA REFILES MEASURE TO INSTITUTIONALIZE NEDA Approaches to anti-corruption

SENIOR lawmaker has refiled a bill to institutionalize the National Economic and Development Authority (Neda). The unnumbered bill authored by Albay Rep. Joey Salceda seeks to institutionalize a new and truly independent department that will implement long-term, continuing, integrated, and coordinated programs and policies for national development. The bill failed to become a law during the 17th Congress due to lack of time. In his explanatory note, Salceda said the bill will also enhance decentralization and strengthen the autonomy of units within the various regions of the country to accelerate their economic and social growth and development. “Distressed communities will thus be empowered to revitalize, expand, and upgrade their physical infrastructures to attract new industries, encourage business expansion in the countryside, diversify local economics, and generate or retain long-term privatesector jobs and investments,” he said. The bill institutionalizes the Neda as a lead integrator of economic development programs and policies to facilitate the planning, collaboration, and coordination

among the relevant government agencies and improve access to national program information, data and funding opportunities, support research of leading-edge, worldclass economic development practices and information dissemination efforts. It also ensures that economic resources are aligned and invested in support of identified and well-defined timely strategies and projects in nonduplicative activities. The bill also encourages strategic investments that strengthen competitiveness and foster job creation and promote energy independence, help fight poverty and build prosperity for the greatest number of Filipinos while producing transformational economic diversification and work-force development outcomes for our country’s long-term sustainable economic future. Under the measure, the Neda shall generate and provide impartial, objective, and evidence-based analyses and recommendations for the socioeconomic betterment of the nation, particularly to the President, Congress and Filipinos in general. The bill said the Neda Board shall be composed of the following: President of the Philippines as chairman, the secretary of

Neda as vice chairman, the secretaries of the Departments of Finance, Budget and Management, Interior and Local Government (DILG), Trade and Industry, Transportation, Welfare and Development, Education, Health, Agriculture, and of Public Works and Highways, and the governor of the Bangko Sentral ng Pilipinas. The measure also creates the Resource Mobilization and Other Fiscal Matters Committee (RMFM), which will be composed of the secretaries of finance, Neda, DBM, DILG, DTI, governor of Board of Investments, chairman of the Governance Commission for GOCCs, the Executive Secretary and the governor of the BSP. The RMFM shall review and recommend to the Neda Board a domestic and foreign borrowing program, and pursue and recommend PPP, privatization and other funding options to augment the government’s financing capacity. The RMFM shall propose and recommend tax-reform measures, and review and recommend modalities of development financing and capital market development in support of long-term programs and projects for both national and local government and GOCCs. Jovee Marie N. Dela Cruz

Govt employees on full-time scholarship entitled to get midyear bonus–DBM

OVERNMENT employees on authorized full-time scholarship are now set to receive their midyear bonus. This, after the Department of Budget and Management (DBM) released Budget Circular 2019-4 on Monday on the guidelines on the grant of midyear bonus to personnel who are on authorized attendance in a scholarship grant or program. The new circular, dated July 5 and signed by DBM Officer in Charge Janet B. Abuel, shall take effect immediately and its provisions shall apply “retroactively to the grant of midyear bonus to qualified scholars beginning FY [fiscal year] 2016.” Section 4 of the Executive Order 201, Series 2016, provides for the grant of midyear bonus equivalent to one-month basic salary as of May 15 to those who have rendered at least four months of satisfactory service and are still in the service as of same date, to be given not earlier than May 15 of every year. Those covered by the circular are personnel who are on authorized full-time attendance in a scholarship grant or program, on official time, wherein the fees and expenses for the grant or program are sponsored by the government or a partner donor institution, and whereby said personnel are al-

lowed temporary release from their official duties and responsibilities for the period of the scholarship, with continued payment of authorized salaries and allowances for the duration of the program. The DBM said the payment of the midyear bonus to qualified scholars may be sourced from the available released allotment for Personnel Services in the agency budget of national government agencies. For government-owned and -controlled corporations, they may get the payment from their respective corporate funds. Local government units can also tap their respective local government funds for the grant of midyear bonus to qualified scholars. Government officials and employees that are on scholarship may be given their midyear bonus subject to the following guidelines: The scholarship grant is part of the human resource development program of the agency and is aimed at directly enhancing the capability of the official or employee to perform the duties and responsibilities of his/her position and contribute to the achievement of the agency’s performance.

A scholar who has rendered at least four months of actual performance of duties with at least a satisfactory rating fo the period of July 1 of the immediately preceding year to May 15 of the current year and is still in the service as of May 15 of the current year may be entitled to the midyear bonus. Actual performance of duties means that the employee is reporting for work and actually delivering the services required of his/her position. A scholar with less than four months of actual performance of duties for the period of July 1 of the immediately preceding year to May 15 of the current year, and is still in the service as of May 15 of the current year may be entitled to the midyear bonus, subject to the successful completion of the course program and fulfillment of the conditions stipulated in the scholarship contract. A scholar with less than four months of actual performance of duties for the period of July 1 of the immediately preceding year to May 15 of the current year, and who was not able to successfully complete the course program or failed to fulfill all the conditions stipulated in the scholarship contract, shall not be entitled to the midyear bonus. Bernadette D. Nicolas

By Henry J. Schumacher

NTERNATIONAL bribery is one of the many ways in which corruption heavily impacts sustainable development and economic growth. It hinders fair access to markets, as well as progress on today’s most pressing issues like education, health care, gender equality and the climate crisis. However, other forms of corruption also impede inclusive growth. To make economic development work for all, anti-corruption should be mainstreamed into every decision and policy, and not left in a silo or as lofty promises. There is a widespread consensus that incentives for citizens, business people, politicians and public servants must be created that discourage bribery. It should be turned from a high-profile and low-risk strategy to a risky activity that promises only little gain. But what are the risks that corrupt actors are exposed to? And how can we modify them? There is little doubt that severe penalties and high risk of detection are crucial. But can such an approach be successful when prosecutors are not independent, judges poorly paid, lobbyists masters of camouflage, business people in search of legal loopholes and politicians willing to offer benefits for a price? Given the difficulties of fighting corruption, the chances for good governance frequently appear rather poor, particularly when

observing how costly it may be to pay high salaries in the public sector and maintain necessary control mechanisms. There is a strong correlation between poverty and corruption. Rich countries, such as Luxembourg, Norway, Denmark, Germany or the US, perform much better than poor countries like Zimbabwe, Afghanistan or Myanmar. However, countries endowed with raw materials, such as Saudi Arabia, Equatorial Guinea and Russia, are rich but marked by higher levels of corruption. Other countries like Chile, Jordan or Botswana are rather poor but still successful in containing corruption. Can they teach us a lesson? Data on convictions related to fraud are also illustrative (even when recognizing that definitions and aggregation may differ from one country to another). More convictions suggest that a higher level of deterrence is achieved. However, Chile is different: The number of convictions there is rather small relative to the country’s success in containing corruption. The principle of the “invisible foot” (other than the well-known invisible hand) may give rise to hope. Actors who are willing to engage in corruption often end up being the victims of betrayal. They may fail to profit from bribery and lose their reputation for honest business. Abstaining from corruption may then be motivated by self-interest. Temptations to give or take bribes may be rejected not due to moral concern but because of the inherent uncertainty that surrounds such deals. We are realizing that the employment of compliance officers is super important. Subjecting individual decisions to peer review is a standard organizational method. However, having a second, independent person supervise important decisions is thought to ensure that a control mechanism is in place. Bribing two, it seems, is more demanding than bribing just one decision-maker. In conclusion, we have to realize that corruption is not only reduced by deterrence such as provided by a strict criminal code and a high risk of detection. It is also undermined by the risk that bribes may not be reciprocated. Why is Chile successful in fighting corruption? One explanation might be its described policy of penalizing bribe-giving but not bribe-taking, which makes it attractive to take bribes without reciprocating them! What do you think? Send me your views at schumacher@eitsc.com

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In the ad material of Notice of filing of Application for Alien Employment Permits published on May 21, 2019, the Position of Mr. Zhou, Ying under TELFA OUTSOURCING SERVICES INC. should have been read as Mandarin Technical Support and not as published. While in the application published on May 21, 2019, the Position of Ms. Xu, Zhiying under TELFA OUTSOURCING SERVICES INC. should have been read as Mandarin Customer Service and not as published. While in the application published on July 06, 2019, the Company name and Address of Mesdames. Kim, Sujeong, Kim, Minjeong, Seo, Heewon should have been read as PARK JUN BEAUTY LAB INC. located at Space 3, 4, 5, Ground Floor, Park Terraces, A. Arnaiz Ave., Cor. West St., Ayala Center, San Lorenzo, Makati, Metro Manila and not as published. If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Editor: Angel R. Calso • Tuesday, July 9, 2019 A9

Iran’s uranium enrichment breach burdens Europeans to ease impact of US sanctions

UROPEAN powers urged Iran to reverse its latest decision to breach the levels of uranium enrichment under the 2015 nuclear accord but stopped short of threatening sanctions. The UK and the European Union said they were concerned about Iran’s move to abandon uranium enrichment restrictions. Both said they’re in contact with other parties to the accord regarding next steps. Iran’s Sunday announcement kept the pressure on Europe to help ease the impact of crippling US sanctions imposed after President Donald J. Trump pulled out of the agreement a year ago. But while officials said more steps to

scale back Iran’s commitment will be taken every 60 days, they left the door open for negotiations to salvage the deal. “The fact that the Europeans haven’t yet managed to meet our demands doesn’t mean that diplomatic consultations have been closed,” Deputy Foreign Minister Abbas Araghchi said. “On the condition that sanctions are removed, there is no barrier to the presence of the Americans in the negotiations.”

Iran threatened 60 days ago to abandon some of its commitments under the deal if Europe didn’t meet a July 7 deadline to relieve sanctions that include penalties for buying Iranian oil. A week ago, Tehran exceeded the cap on its stockpile of low-grade uranium, and on Sunday, it said it will resume purifying uranium beyond the 3.67 percent allowed under the agreement, without saying how much closer it would get to weapons-grade levels. “While the UK remains fully committed to the deal, Iran must immediately stop and reverse all activities inconsistent with its obligations,” the British Foreign Office said in a statement. The European Union said it is “extremely concerned” at Iran’s announcement and “strongly” urged it to “stop and reverse all activities inconsistent with its commitments” under the agreement.

Uranium must be enriched to 90 percent to build weapons, though lower levels would be considered significant. The International Atomic Energy Agency said its inspectors in Iran will report to headquarters as soon as they verify the development. France, Germany and the UK have delivered a financial channel known as Instex that aims to protect some trade with Iran—initially only food and medicine—from the threat of US penalties. But Iran wants a trade vehicle that can be used to buy oil.

No rush

EUROPEAN leaders have signaled they won’t rush to slap penalties on Iran, but they’ll find it increasingly hard to resist pressure from the Trump administration if Tehran abandons multiple commitments. On Saturday night, France and Iran agreed to work to

Tens of thousands in Hong Kong take message to mainlanders H

ONG KONG —Ten s of t hou s a nd s of pe ople, many wearing black shirts and some carrying British colonial-era flags, marched in Hong Kong on Sunday, targeting a mainland Chinese audience as a monthold protest movement showed no signs of abating. Chanting “Free Hong Kong” and words of encouragement to their fellow citizens, wave after wave of demonstrators streamed by a shopping district popular with mainland visitors on a march to the high-speed railway station that connects the semi-autonomous Chinese territory to Guangdong and other mainland cities. Hong Kong has been riven by huge marches and sometimes disruptive protests for the past mont h, sparked by proposed changes to extradition laws that would have allowed suspects to be sent to the mainland to face trial. Hong Kong leader Carrie Lam suspended the bill and apologized for how it was handled, but protesters want it to be formally withdrawn and for Lam to resign. Organizers said 230,000 people marched on Sunday, while police estimated the crowd at 56,000. “We want to show our peaceful, graceful protest to the mainland visitors because the information is rather blocked in mainland,” march organizer Ventus Lau said. “We want to show them the true image and the message of Hong Kongers.” Chinese media have not covered the protests or their origins widely, focusing on clashes with police and damage to public property. As the crowd broke up Sunday night, a few hundred remained and taunted police who had retreated behind huge barriers set up outside the railway station, while others moved to Canton Road, a street lined with luxury boutique stores. Around 11 p.m., police moved to disperse protesters who were blocking a road and arrested five people for assaulting or obstructing police officers, their statement said. The march was the first major action since two simultaneous protests last Monday, the 22nd anniversary of the July 1, 1997, return of Hong Kong from Britain to China. The march through central Hong Kong that’s held annually

PROTESTERS march with a flag calling for Hong Kong independence in Hong Kong on Sunday, July 7, 2019. Thousands of people, many wearing black shirts and some carrying British flags, were marching in Hong Kong on Sunday, targeting a mainland Chinese audience as a month-old protest movement showed no signs of abating. AP PHOTO/KIN CHEUNG

drew hundreds of thousands of people. It was overshadowed this year, however, by an assault on the legislative building by a few hundred demonstrators who shattered thick glass panels to enter the building and then wreaked havoc for three hours, spray-painting slogans on the chamber walls, overturning furniture and damaging electronic voting and fire prevention systems. Sunday’s march was the first protest against the extradition legislation to take place on the Kowloon side of Hong Kong harbor. The previous ones were on Hong Kong Island, the city’s business and government center. Many of the marchers were young and wore black shirts that have become the uniform of the protesters. The largely peaceful crowd also included older people carrying handheld fans in the muggy heat, as well as parents with children, including some in baby strollers. Many held placards, including one that read “Extradite to China,

disappear forever.” Some carried the British flag or the old Hong Kong flag from when it was a British colony. “This is our fourth march because we think this government is not taking care of Hong Kong,” said Dan Lee, who joined with his wife and their three children. “We need to save Hong Kong and we need to come out for our future generations.” The extradition legislation has raised concerns about an erosion of freedoms and rights in Hong Kong, which was guaranteed its own legal system for 50 years after its return to China in 1997. Prior to the march, police put up large barricades blocking a main entrance to the railway station to prevent any attempt to enter it. Only passengers with train reservations were allowed into the station, the mass transit authority said, and Hong Kong media reported that ticket sales had been suspended for afternoon trains. “The high-speed railway station is a connection between Hong Kong

and China and this is the nearest place we can spread our message to China,” said Lau, the march organizer. The station was a source of contention before it opened last September, because passengers pass through Chinese immigration and customs inside. Some opposition lawmakers said the fact that Chinese law applies in the immigration area violates the handover agreement under which Hong Kong maintains its own legal system. Protesters also are demanding an independent investigation into a crackdown on June 12 demonstrations in which officers used tear gas and rubber bullets to disperse crowds blocking major streets. Police said the tactics, harsher than usual for Hong Kong, were justified after some protesters turned violent. Dozens were injured, both protesters and police. The protesters are also calling for the direct election of Hong Kong’s leader. Lam was chosen by an elite committee of mainly proBeijing electors. AP

resume nuclear talks by mid-July, presenting a potential diplomatic opening. Iran’s latest expansion of its nuclear program “will lead to further isolation and sanctions,” US Secretary of State Michael Pompeo said on Sunday on Twitter. “Nations should restore the longstand ing standard of no enrichment for Iran’s nuclear program,” Pompeo said. “Iran’s regime, armed with nuclear weapons, would pose an even greater danger to the world.” Israeli Prime Minister Benjamin Netanyahu has also called on world powers to impose “snapback sanctions” on Iran. Tr ump, who says his campaign of “maximum pressure” is designed to bring a weakened Iran to the bargaining table, has already warned against accelerated uranium enrichment. The US wants Iran to roll back its politi-

cal influence in the Middle East and to renegotiate some of the accord’s terms.

60-day intervals

THE slow slope of Iran’s escalation clearly shows that Tehran still doesn’t want to break the deal, said Ali Vaez, director of the Iran project at the International Crisis Group research center. At the same time, breaching on enrichment is a risky proposition, he said. “Iran won’t go back to the negotiating table empty-handed,” Vaez said. “ The more it comes to the conclusion that it has no choice other than engaging the Trump administration, the likelier it is that Tehran would resuscitate its nuclear program to restore its leverage. That means that a new round of talks will have to pass through another perilous nuclear standoff.” Bloomberg News

S. Korea president urges Japan to withdraw exports restrictions

OUTH Korean President Moon Jae-in urged Japan to withdraw new restrictions on exports in his first public remarks on a dispute that erupted last week and has intensified animosity between the two countries. Moon asked his Asian neighbor to “return to the principle of free trade that Japan has been pushing for” and said he would “take responsive measures” if South Korean companies were harmed by the new restrictions. The president’s comments came as a new poll showed most Japanese approved of their government’s decision to tighten controls on exports to South Korea of key materials needed by its tech industry. Some 58 percent of respondents to the survey carried out by the Japan News Network, or JNN, said they approved of the government’s policy, compared with 24 percent who did not. Japanese Prime Minister Shinzo Abe on Sunday reiterated denials that the checks were a form of retaliation against South Korea for recent court rulings holding Japanese companies liable for cases of forced labor before and during World War II. Japanese officials have said the judgments damaged trust between the US al-

lies and risked undermining the 1965 treaty that forms the basis of their relations. While the stricter checks on three specialist materials—which took effect Thursday—don’t amount to a ban, exporters would be required to obtain a separate license each time they want to sell the materials to South Korea, causing delays. Japan is also considering removing South Korea from a list of trusted export markets, a move that could affect a broader swath of products.

South Korea scrambles

SOUTH Korea’s government and top electronics firms scrambled to tackle the situation. Samsung Electronics Vice Chairman Jay Y. Lee traveled to Japan on Sunday to discuss the tighter controls with local business leaders, Yonhap News reported. Finance Minister Hong Nam-ki held discussions on the “external economic situation” with the heads of top domestic companies over the weekend, President Moon Jae-in’s office said in a statement. Moon, who has not responded publicly to the measures, is set to meet industry leaders July 10, according to Yonhap. Bloomberg News

Oil holds gains as Iran tension keeps investors wary of outages

IL held gains as rising tension in the Middle East kept investors wary of potential disruptions, while expectations the US and China can make a breakthrough following the resumption of trade talks are low. Futures in New York were little changed after rallying 2.2 percent over the previous three sessions. European powers urged Iran to reverse its latest decision to breach the levels of uranium enrichment restrictions under the 2015 nuclear accord, but stopped short of threatening sanctions. Tensions remain high after British forces seized a tanker carrying Iranian crude near Gibraltar last week. Oil fell last week as concern that global demand will keep deteriorating outweighed a decision by the Organization of Petroleum Exporting Countries and allies to extend production cuts. While US-China discussions are starting up again, the White House has

warned that reaching an agreement will take time. Investors are also waiting for Federal Reserve Chairman Jerome Powell’s testimony to Congress this week, which may offer clarity on rate cuts. “Oil is supported by rising concerns that there could be an accidental clash in the Middle East,” said Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp. “Investors are taking a wait-and-see approach on the US-China trade war, as crude demand won’t grow just because negotiations were restarted.” West Texas Intermediate oil for August delivery declined 2 cents to $57.49 a barrel on the New York Mercantile Exchange at 7:02 a.m. in London after climbing as much as 0.6 percent earlier. The contract closed up 0.3 percent Friday, paring its weekly loss to 1.6 percent. It didn’t settle Thursday due to a public holiday in the US. Bloomberg News

A10 Tuesday, July 9, 2019 • Editor: Angel R. Calso

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Transactional

EALS and quid pro quos are nothing new in Philippine politics. Nevertheless, members of the House of Representatives are taking horsetrading to a new level.

Both Taguig Rep. Alan Peter Cayetano and Davao del Norte 1st District Rep. Pantaleon Alvarez have claimed lawmakers are being offered bribes to secure their votes in the race for Speaker of the House of Representatives. Alvarez in May said that someone offered P500,000 to every lawmaker and that this was countered by the camp of another congressman with an offer of P1 million, a claim that Cayetano confirmed in a recent ABS-CBN interview. That the Speakership is for sale is alarming. But wait, there’s more, and it gets worse. The House is tasked to pass legislation that affects the entire country. It is the prime mover of public policy. And yet, it is obvious that the frontrunners for Speakership are more focused on obtaining the “blessing” of President Duterte than tackling the important issues that the country is facing. The choice of Speaker is not being made from the standpoint of upholding shared principles and values, not on whether the candidate is perceived as being honest and trustworthy and a good leader, not for demonstrating that he cares for the national agenda and the Filipino people, but only whether he is a man of Malacañang. Cayetano, much like a small-minded, crafty salesman, openly talks about a term-sharing agreement for Speaker with Marinduque Rep. Lord Allan Velasco, and even criticizes the latter for backing out of the agreement that he claims was suggested by no less than the President. “It is for this reason that I am deeply disappointed that after we both expressed full agreement with the President’s proposal, Rep. Velasco and his wife are now making a turnaround and won’t honor the President’s wishes,” Cayetano said. “I want to reiterate that I am committed to support and follow the President as he, in many occasions, mentioned term sharing between myself and Congressman Velasco. I trust and respect the President’s wisdom,” he added. “The term-sharing scheme has been proposed as a ‘win-win solution’ to resolve the Speakership issue. I am willing to abide by the recommendation of the President.” Win-win for whom exactly? Are the Filipino people even included in his equation? Cayetano did not care to elaborate. Meanwhile, other congressmen have also been openly urging Duterte to give his final blessing to a new Speaker. Indeed, these so-called honorable members of the House are not even couching their conversations in language that hide the transactional nature of their agreements, to at least make it appear that their deals are intrinsically motivated by public interest or to maintain the legitimacy of Congress as an independent and coequal branch of the government. Shame, shame, shame! This is exactly the kind of perverted patronage relationship between the President and Congress that subverts the separation of powers, the checks and balances provided by our Constitution, which is supposed to counter government abuses. No wonder toilet paper references are being made about it! The House is not only expected to pass laws but use its committees for the oversight of the Executive branch. The Constitution even empowers the House to impeach the President for treason, bribery, graft and corruption, betrayal of public trust and other high crimes, and empowers the Senate to try such impeachment. But can the House be expected to temper the excesses of the Executive given this insidious kind of insider dealing for the Speakership going on? Can it pursue most vigorously the will of the Filipino people when its members clearly demonstrate deleterious propensities that have much more to do with personal interest and profit, and inter and intra-party conflicts rather than with ensuring Congressional responsibility for the public good? Indeed, we are doomed to get the government we deserve, that is, until we learn to vote wisely. But when will we ever learn?

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HE cities of the future are now found in the east. Technologysavvy millennials are now attracted to Asian cities that have embraced automation and built superior infrastructures, making travel more convenient for millions of people. Asian millennials, in my opinion, no longer look up to the United States and Europe for travel, because Asian economies are generally growing faster and creating more opportunities for new labor force entrants. If you want to get the latest technologies and ideas, you don’t have to go to the US anymore. In fact, you don’t have to leave Asia to experience the world’s best cities, best airports, best mass transit systems and best technologies. European cities are different, though, because their charm lies in their historical past and classic architecture. Millennials travel to Europe to learn and appreciate history and culture, but not to look at the future. While US cities such as San Francisco and New York remain the go-to areas for new ideas, Asian cities are not far

behind, as many technology companies now thrive in these cities, thanks to the rise of Asian millennials. Instead of going to New York, the young generation prefers to visit Asian cities, such as Singapore, Hong Kong, Tokyo, Osaka, Seoul, Incheon, Busan, the Kansai region, Guangzhou, Beijing, Bangkok, Jakarta, Kuala Lumpur and Ho Chi Minh. Millennials want to learn from their neighbors, unlike my generation, the baby boomers, who constantly looked up to the US and Europe for guidance on modernization. The new generation, unlike ours, is more mobile, more innovative and more open to Asian styles and technologies. Millennials apparently are more educated and more receptive of other Asian cultures. The popularity of K-pop and J-pop

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musical and cultural styles have made Korea and Japan more popular destinations than the US among Filipino millennials. Korea and Japan, in response, welcomed them by easing their visa rules. Asia also has the most number of modern cities. Two of the largest smartphone makers are based in the region, Samsung and Huawei. South Korea, Taiwan and Singapore have the fastest Internet speed on the planet. The Philippines and India are considered two of the largest IT and business-process outsourcing (BPO) hubs in the world. Metro Manila is also a hotbed of new ideas because it remains an undisputed leader in BPO, which employs more than a million people, mostly millennials. I believe that artificial intelligence, data science and robotics will complement, and not displace, our Filipino talents. More important, the Philippines is in the midst of the so-called demographic sweet spot as a large part of our young population joins the labor force and becomes productive. While many of our young workers still go to the US and European cities, the majority finds more lucrative jobs in Singapore, Hong Kong, Tokyo and Metro Manila not only in the BPO sector, but also in technology, finance, manufacturing, construction, industries, tourism,

Trump’s world and the Philippines

Jennifer A. Ng Vittorio V. Vitug

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Millennials now look up to Asia

John Mangun

OUTSIDE THE BOX

AM willing to concede that the world does not belong to US President Donald J. Trump. Nonetheless, current US policies under Trump are starting to shape the world.

The global reaction to the Trump presidency might be summed up in the comment from the executive director of a libertarian advocacy group: “While the stated Trump administration intention has been to enter into new arrangements more favorable to the United States, the end result has been quite different, creating a broad consensus within the international community that Washington is unstable, not a reliable partner and cannot be trusted.” It is interesting to me that many vocal Filipinos agree with the conclusion that the US under Trump is “not a reliable partner and cannot be trusted.” Based on the actions of the US toward the Philippines since the

time Emilio Aguinaldo got on a US navy ship from Hong Kong in May 1898, the US has always pretty much been an unreliable and untrustworthy partner to the Philippines. Relations between nations are the same as relations between people. Everyone expects to get something. The US has for decades provided a market for every other countries’ goods and the US runs a trade deficit with just about everyone—with a global deficit of nearly $800 billion every year. The US has a $23 billion trade surplus with the Netherlands, which is about the same as the trade deficit with Malaysia. Even Thailand sells $20 billion more to the US than it imports.

Perhaps what the world is saying is that, “We were relying on the US to continue its trade deficit policies forever and we were foolish to trust that would happen.” Uncle Sam under Trump has decided not to continue to pay all the bills and everyone is going to have to figure out how to deal with that. It will be painful but in the long run will be beneficial. New trade agreements will have to be made to—as one pundit said—“get out from under the American boot.” He failed to mention that the “boot” was made of gold as China and Europe is finding out. As efforts are made to also loosen the stranglehold that the US dollar has on international trade settlement, that will be beneficial to economies like the Philippines. Our trade is fairly well balanced between our main trading partners: US (16 percent), Hong Kong (14 percent), Japan (14 percent), and China (13 percent). Here, Hong Kong is not just “China” but the global countries that use Hong Kong for tax and tariff purposes. Since the beginning, the US has been an isolationist nation. In his farewell address upon leaving of-

trade and the services sector. More opportunities will be made available to Filipino millennials in the coming years, as the Philippines is expected to have one of the fastest growths in Asia at more than 6 percent annually. In fact, data show that unemployment rate in the Philippines already dipped to 5.2 percent in April 2019, reportedly the lowest in four decades. Along with it, poverty incidence eased to 21 percent in the first half of 2018, from 27.6 percent three years earlier. The government also expects the Philippines to join the ranks of upper middle-income economies this year. It aims to secure the coveted “A” credit rating soon, which will put the Philippines on a par with many North American and European countries in terms of debt score. What this means is that the young generation has plenty of opportunities in the Philippines and other Asian countries. It also means that we don’t have to look at the US as the center of the global economy anymore. In fact, the center of the global economy now shifts to Asia—China and Japan, in particular—and it is a good thing that our millennials are aware of this. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

fice, President George Washington strongly advocated avoiding “attachments and entanglements in foreign affairs.” Further, the government should push for free trade with all nations, but that the role of the government should ensure stable trade and defend the rights of American merchants. For a decade, the Philippines has been one of the strongest growing economies in the world, especially with our strengthening middle class. However, for the nation to succeed we must follow the “Chinese model.” If you want access to our markets, then you must invest. The Philippines today is the 26th largest consumer market in the world based on current consumer spending. Combine that current spending with future economic growth and size of the population and the Philippines is a market to be reckoned with. But we must always live by this motto: “If you want to play, you have to pay.” E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

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We need a toilet revolution in PHL

Unusual daily Pagasa reporting on Angat Dam Cecilio T. Arillo

DATABASE

Manny F. Dooc

TELLTALES

HE Speakership row shows for the first time a chink in the much vaunted Duterte political machine, which mercilessly steamrollered the opposition in the last elections. Now it has been revealed that the “rainbow” coalition consisting of several political parties is just that—a group with as many hues as the colors of the rainbow, each driven by conflicting self-interests and agenda. If they all truly love and support the President and if they want this administration to succeed on its remaining years in office, the PDPLaban, Hugpong ng Pagbabago, NP, NUP, Lakas and all pro-Duterte elements should unite and install a common candidate for Speakership who can push the President’s legislative agenda. Instead of bickerings and posturing to fortify their power and consolidate their forces preparatory to a post-Duterte scenario, the welfare of the people should be primordial in their consideration. The Speaker is the fourth-highest position in the government, but one does not have to be in front to lead. This is the time for statesmanship instead of petty partisanship. Don’t tell us that Honorables Lord Allan Velasco, Alan Cayetano and Martin Romualdez are incapable of that. They should not squander the overwhelming mandate entrusted to them by our people. The high trust rating that the President enjoys should translate to better and effective government. “To whom much is given, much is expected.” nnn IT seems that one solution to mitigate our water crisis is to adopt the waterless toilets being used in many European countries. In China, President Xi Jinping has instructed schools to bring a toilet revolution to China. “Northern China lacks water, so you need toilets that don’t flush,” the teacher told her class as she demonstrated the use of a dry squat toilet. It’s now common that men’s urinals in public places do not need flush water, which saves us millions and millions of gallon of water each year. The toilet movement in China started in 2015 to conserve water, and promote sanitation and mass hygiene. Just like in the Philippines, many households in the countryside use open pit to serve as their toilets causing contamination and diseases. We call our toilets comfort room but in truth they don’t provide us any comfort. Access to toilet is a serious concern especially when you travel long distance. We have no tourism centers where one can avail herself of toilet facilities. Toilets available to travelers are those provided by gasoline stations along the highway, but they are so few and far between. And if

you found them, they are not clean and maintained that it takes a lot of chutzpah to use them. The quality of toilets in a country is the true measure of civilization. We need a toilet revolution in our own country to promote “poop” culture. We have nothing to lose but our smell, filth and squalor! nnn DOES a rooster enjoy freedom of speech? This seems to be a legal issue in the French island of Oleron after a retired couple has filed a case in court against the cock’s owner whose early morning crowing regularly roused the elderly couple from their sleep. Its owner claimed that she had locked up the cock inside a dark room at night and covered the crevices to block the sunlight and stop him from crowing, but this did not prevent the rooster to do his morning overture. The mayor of Oleron, who is obviously a defender of cock’s rights, said: “Today it’s the cockerel, but what will it be tomorrow? Seagulls? The noise of the wind? Our accent?” Another village official published an open letter defending the rights of church bells to ring, cows to moo and donkeys to bray. In the Philippines, we are far more liberal and protective of the freedom of expression of all creatures. We allow everyone to make all kinds of political noise even if they pollute our airwaves in the guise of democracy. In the highest libertarian tradition, we may disagree with what you are crowing about but we shall defend to the death your right to crow. nnn IS there a real threat of a mushroom cloud if we take a sterner position against China relative to the West Philippine Sea issues? The President has repeatedly cited this whenever a demand is made by some sectors for him to take a stronger position against the bullying tactics of our powerful neighbor. He insists that his soft approach is designed to protect the 110 million Filipinos against the threat of a nuclear holocaust. Will the US come to our succor under our Mutual Defense Treaty? The President should now make his official visit to the US and find out if we can truly count on the military assistance of our big brother.

IVE presidents in more than 33 years, with the exemption of President Duterte who has yet to finish his term in 2022, merely resorted to buck-passing, finger-pointing or downright negligence instead of providing a concrete and lasting solution to the Angat Dam water complex intended to provide Metro Manila with unhampered potable water supply 24 hours a day. Worse, the dam is now treated as if it’s just a typical weather problem, with the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) dishing out daily news on the dam’s water level. On second thought, though, could it be that Pagasa’s unusual interest in the dam is just a coverup for unscrupulous people with administrative and criminal liability for the manmade destruction of the dam’s original 67,000 hectares of virgin forest that had been subjected to unabated logging and turned the dam into an enormous wetland? Unknown to many, the dam’s size, depth and breadth is just 3 hectares less than the size of Metro Manila’s 64,000 hectares. From President Corazon Aquino to Presidents Ramos, Estrada, Macapagal-Arroyo and Benigno “Noynoy” Aquino III, unabated logging continued and the dam’s original 217-meter water level, before Pagasa surprisingly came into the picture, was reported at 85 meters lower and thus deprived Metro Manilans the equivalent of 132 meters deep of reserved water. According to reports, the Angat Hydropower Electric Power

Plant (AHEPP), which is running the plant, is a local corporation coowned by K-Water (40 percent) with local conglomerate San Miguel Corp. (SMC) Global Power, through its subsidiary Powerone Ventures Energy Inc. for the remaining 60 percent, after a 2014 PSALM deal during President Noynoy Aquino’s term. Under the operations and management agreement between the National Power Corp. and the KWater, the AHEPP is committed to conduct mandatory rehabilitation projects that would include, among others, strengthening the Angat Dam and dikes. Originally, the dam aqueduct was supposed to flow 22 cms (cubic meters per second) of clean water from Angat to La Mesa Dam and thus supply the water requirements of Metro Manila and the adjacent provinces of Bulacan, Pampanga and Nueva Ecija. What remains of the 67,000 hectares is now only about 25,000 hectares and the reservoir with 85 meters deep, according to reports reaching the National Association of Lawyers for Justice and Peace (NALJP) and the Confederation of Government Employees Organization (COGEO),

Bloomberg Opinion

NE year after a historic regime change, Malaysia’s politics remain a combustible cocktail of sleaze and power lust. At least the economy is on the right track, even if it’s nowhere close to fulfilling its potential. Over the coming years, Malaysia plans governance improvements at state institutions, a qualitative boost to education and a more direct assault on low incomes and inequality. These three crucial efforts will take time to bear fruit, assuming they can survive the country’s murky politics. Kuala Lumpur is agog with speculation about whether Prime Minister Mahathir Mohamad, who came out of retirement to hand the Barisan Nasional coalition its first loss in six decades, will bid adieu after hosting the Asia-Pacific Economic Cooperation

meeting next fall. He turns 94 on July 10 and has an agreement to hand over at an unspecified date to former deputy Anwar Ibrahim, whom he jailed in 1998 on sodomy charges. But when political analysts began to suggest that Azmin Ali, the deputy president of Anwar’s party, was positioning himself as Mahathir’s preferred successor, videos emerged purporting to show Azmin and another man engaged in sexual acts, a crime punishable by up to 20 years in prison under Malaysia’s colonial-era sodomy laws. Azmin denies it’s him in the video; Anwar has rejected suggestions his people had anything to do with it; Mahathir says it’s all dirty politics. Whatever the truth, the risk is the Anwar and Azmin camps wear each other down and enfeeble the Pakatan Harapan alliance, which Mahathir chairs. Barisan is also falling apart, for different reasons, and is

headed by Atty. Jesus I. Santos, who consistently championed the dam’s preservation. Santos never got a coherent answer after he wrote Secretary Roy Cimatu of the Department of Environment and Natural Resources, bringing to his attention the problem of water shortage, the unabated logging in the Angat Dam watershed and the continued siltation of the water reservoir. Santos, in his letter to Cimatu, cited the destructive logging in the Angat watershed and the death and destruction due to flooding. Angat Dam watershed was then a virgin forest and its man-made destruction effectively started when the administration of President Corazon Aquino promulgated on July 16, 1987 Executive Order 224, empowering the National Power Corp. (NPC) to cut trees in the Angat reservation. Because of the massive denudation, the dam is now seriously silted due to landslides and rampaging volumes of deadly floodwater and debris from the watershed. In one incident in 1978, floodwaters cascaded down from the watershed, flooding large parts of Bulacan, Pampanga and Nueva Ecija, killing more than 300 people and destroying houses, poultries, piggeries and other valuables. On February 22, 2018, fearing that a deadly disaster might happen again, NALJP and the COGEO wrote the DENR to call a meeting regarding the continuous illegal logging in the watershed. The DENR granted this meeting and the governor of Bulacan and the PNP area commander attended. Surprisingly, the DENR during the meeting informed the group that there was a permit granted by the government to cut 26,000 trees but the DENR reduced it to 3,000 trees only based on a press release dated

June 19, 2017. The NALJP and COGEO asked the DENR local director as to what actions were taken on the following: “The tree-cutting projects granted to Angat Hydropower Corporation and Dyke Rehabilitation Projects which was contained in a letter dated April 27, 2017, as per letter of the Regional Director dated July 7, 2017. “What happened to the 3,000 cut trees delivered to the compound of the controversial Hanjin Corporation? According to Director Francisco Milla, of DENR’s Region 3, the trees could only be taken out from the Hanjin compound with his consent.” What really surprised Santos and local officials is that instead of the national government stopping the denudation of the Angat watershed, it was, in fact, the one abetting the destruction of the watershed. The Angat Dam was constructed in November 1961 and was completed in July 1967 with a 16-megawatt auxiliary generator and a 200-MW main generator to supply the power requirements of Metro Manila and the rest of Luzon. The dam then was also designed to irrigate 23,000 hectares during the wet season and 27,000 hectares during the dry season in 20 towns in Bulacan and Pampanga when the sluice gates were opened. As the current rainy season progresses, only a presidential action can save the continued destruction of the watershed by ordering those concerned to deepen the dam to its original level and reforest its watershed, instead of ordering to log it, so that the free flow of potable water to Metro Manila is restored. Not only that. President Duterte should also investigate and punish the people involved in the massive destruction of the dam. To reach the writer, e-mail cecilio.arillo@ gmail.com.

Rich Indians to the rescue as Chinese tourists shun Thailand By Siraphob Thanthong-Knight Bloomberg Opinion

HAILAND’S struggling tourism industry is finding support with visitors from the population colossus to its west, just as the years of bumper arrivals from the giant to its north are beginning to wane. At a beachfront hotel on the tropical island of Phuket, the occupancy rate from Chinese clientele has stalled, while bookings from India have begun to rise. The Vijitt Resort is one of many in Thailand that has more cause for optimism. “We’re starting to see new growth,” said Kongsak Khoopongsakorn, Vijitt’s general manager and vice president of the Thai Hotels Association. “Indians are now driving industry growth like the Chinese had previously done.” What’s happening to Thai tourism could prove a canary in the coalmine for the leisure sector in other Asian

economies as China matures and a new India emerges. The Thai industry had been expanding at about 10 percent a year on escalating inbound Chinese arrivals, but a 2018 boat accident in Phuket that killed dozens of mainlanders and a slowing economy at home have triggered a drop in numbers. In contrast, Indian arrivals accelerated in recent months due to more direct flights, a visa waiver and, most important, increasing wealth. The rapid expansion of the middle class among India’s 1.3 billion people has prompted Thai authorities to upgrade their estimates of Indian visitors. At least 10 million are now expected to arrive in 2028, a more than fivefold increase on 2018 visits. That sort of growth trajectory would mimic the rise of Chinese tourists, which jumped from 800,000 in 2008 to more than 10 million last year. Although China will remain an important market, it is likely to offer less growth potential in the years ahead.

Mahathir looks beyond Malaysia’s first century By Andy Mukherjee

Tuesday, July 9, 2019 A11

leaning toward conservative Islamic elements. If the liberals lose their grip, the economy will unravel. That would be a shame since the government is only starting to address Malaysia’s long-term structural weaknesses. Previous Prime Minister Najib Razak is on trial for the 1MDB scandal, in which $4.5 billion was allegedly embezzled from a state investment fund and laundered around the world. While Najib denies any wrongdoing, 1MDB exemplifies the deep-seated connection between money and political patronage in Malaysia. The rot spread to the state-run Hajj fund for Muslim pilgrims and to Felda, an agency that’s allocated land to smallholders to alleviate poverty. The government has vowed to remove politicians from state-linked companies and disallow “support letters” that help favored businessmen win contracts. Considering many of

today’s ills are leftovers from Mahathir’s first spell as prime minister (1981-2003), some skepticism is warranted. However, two recent developments suggest the government is sincere. Last month, statebacked institutional shareholders overwhelmingly rejected directors’ remuneration at FGV Holdings Bhd., which processes palm oil from fruit grown by Felda smallholders. There’s also Mahathir’s choice of a humanrights lawyer as the first female anticorruption chief. It’s unclear if the momentum against cronyism will be sustained, but for now—and for some people—the gravy train has stopped. In education, the impetus to change comes from sliding proficiency in science and math, as well as a growing jobs mismatch. While 94 percent of polytechnic students are getting jobs, they are still underfunded and underused, says Syed Saddiq, youth affairs minister, who wants

India, meanwhile, is set to become the new expansion story in Thai tourism, an industry that accounts for about 20 percent of gross domestic product. Chinese visitors currently make up 28 percent of total foreign arrivals, well ahead of Indians at 4 percent. But within a decade, Indian arrivals are forecast to surge to about 15 percent of the total, while Chinese are predicted to edge up to about 30 percent. “The Indian inbound market could potentially rival that of China,” said Pisit Puapan, executive director of the Finance Ministry’s Macroeconomic Policy Bureau. Pisit said high growth from India has also helped offset a decline from markets like Europe. Thailand received about 180,000 Indian tourists in June, a record, the Tourism Ministry reported last week. It also said Indians spend 11 percent more per trip than average foreign visitors. Chinese arrivals could actually fall this year from 2018 as the yuan has

weakened against the baht, according to Bloomberg Intelligence. That might deter more cost-conscious Chinese tourists, or see them spend less if they do make the trip. A cooling tourism market and dividend repatriation combined to help produce Thailand’s first current-account deficit since 2014. The country’s forecast economic growth has already been revised down to the lowest level in four years as exports also fizzled. There are more direct flights between Indian and Thai cities, one reason for the jump in visitors to Bangkok, Phuket and surrounding areas. They are drawn by Thailand’s food and shopping, and its beaches are emerging as significant attractions. India’s fifth-largest airline GoAirlines India Pvt currently connects three Indian cities to Phuket, and plans to add seven more. InterGlobe Aviation Ltd.’s IndiGo launched services to the tropical island late last year.

Malaysians to give up their fetish for college degrees. To address the first gap, Malaysia will embrace English for scientific subjects. The populist expediency of letting the Malay language dominate state-funded education has backfired. Mahathir, a physician by training, knows that only too well. While minorities are unhappy with an Islamist tilt in national education, some in the majority Malay community blame parallel Chinese and Tamil schools for deepening the racial divide. The disparity with Singapore, where all three communities study together and ace international competitions, couldn’t be more stark. If Mahathir is convinced about English, he’s less persuaded about income supplements for low-wage earners, based on my conversations with people close to him. Still, a debate rages about what it’ll take to prevent 300,000 Malaysians com-

muting every day to Singapore while Malaysia itself runs on imported Bangladeshi labor. From unemployment to legalization of medical marijuana, young people want a bigger say on issues that affect them. Saddiq is pushing for constitutional change to lower the voting age to 18 years from 21 to induct 3.7 million new electors. Mahathir’s legacy may be a longterm vision document that extends well into the future, perhaps to 2057, marking the first century of independence from British colonialists. It may prove as far-reaching as the New Economic Policy of 1971, which set the tone for pro-Malay affirmative action that continues today. “A horizon that’s within the reach of the present generation of politicians will only yield a vision that pleases the electorates,” Muhammed Abdul Khalid, economic adviser to the prime minister, told me.

2nd Front Page BusinessMirror

A12 Tuesday, July 9, 2019

www.businessmirror.com.ph

China to block exports of illegal cigar makers By Rea Cu

@ReaCuBM

HE Bureau of Customs (BOC) has received a commitment from its counterpart agency in China for help in its efforts to stop Chinese exports of unauthorized cigarette-making machines as the Philippine government steps up the campaign against illicit tobacco trade. In his report to Finance Secretary Carlos G. Dominguez III, BOC Commissioner Rey Leonardo

B. Guerrero said he reiterated to the Chinese vice minister of the General Administration of

Customs of China (GACC) the Philippines’s concern over the export of unauthorized cigarettemaking machines. The message was conveyed during the 28th Association of Southeast Asian Nation (Asean) Customs Directors General Meeting held in Lao PDR last June 1113, 2019. “I asked them if they could stop such exportations on their part because this is creating problems as far as we’re concerned,” Guerrero said. Guerrero said the Chinese customs officials agreed “to look into the matter.” Last year, Dominguez directed

Lawyers, citizens want Comelec to enforce legislators’ term limits By Joel R. San Juan

@jrsanjuan1573

GROUP of lawyers and private individuals on Monday asked the Supreme Court to compel the Commission on Elections to strictly enforce the constitutional provision on the term limit of elective officials, particularly those in Congress. In their 20-page petition, the petitioners, through their counsel Socorro Maricel Nepomuceno asked the SC to deny the certificates of

candidacy of senators, members of the House of Representatives and local elective officials in the upcoming May 2022 elections and in future elections for having served beyond their term limits. The petitioners pointed out that Sections 4 and 7, Article VI barred senators from serving more than two consecutive terms, while the members of the House of Representatives cannot serve for more than three consecutive terms. The term of office of the senator is six years, while the members

SOUTHWEST MONSOON AFFECTING EXTREME NORTHERN LUZON as of 4:00 pm - July 8, 2019

of the House are elected for a term of three years. However, the petitioners said that based on records, the Comelec had allowed several senators to serve for more than two consecutive terms, in violation of Section 4, Article VI of the 1987 Constitution. Among them were Edgardo J. Angara, who served as senator in 1987, 1992, 2001, 2007; Juan Ponce Enrile (1987, 1995, 2004, 2010);  Aquilino Pimentel Jr. (1987, 1998, 2004); Teofisto Guingona See “Term limits,” A2

the BOC and the Bureau of Internal Revenue (BIR) to work with their respective counterparts in China to stop the illicit entry of cigarette-making machines that are being used to manufacture counterfeit tobacco products in the country. T he f inance chief issued the order a f ter conf i r m i ng w it h BIR Commissioner Caesa r R . Du l ay t hat t he i l lega l tobacco trade has shif ted f rom smuggl ing ciga rettes to loca l ly pro ducing counter feit bra nds using undocumented ciga rette ma k ing machines acquired f rom C hina.

Mislatel dared to give faster Internet as it gets CPCN By Bernadette D. Nicolas

@BNicolasBM

HE government awarded on Monday the certificate of public convenience and necessity (CPCN) to third telco player Mislatel consortium—a group led by Davao-based businessman Dennis A. Uy. The awarding of the CPCN officially greenlighted the operation in the country of Mislatel Consortium, which will be renamed Dito Telecommunity Corporation. Uy, the founder of Udenna Corporation, accepted the CPCN on behalf of the Mislatel Consortium or Dito Telecommunity Corporation, which posted a P25.7-billion performance bond for their commitments as the new major player. “The entry of this Mislatel Consortium—assuming that it complies with this commitment— is indeed a milestone in our efforts to provide fast, reliable, secure, and more affordable telecommunication services to the public. Let me take this opportunity to pose this challenge to Mislatel [Consortium]: Break the prevailing duopoly in the telecommunications industry and fulfill your commitment to provide better telco services to our people,” said President Rodrigo Duterte in a speech during a ceremony in Malacañang. The winning consortium— composed of Mislatel, Udenna Corporation, China Telecom and Chelsea Logistics—promised to offer 55 Mbps of Internet speed that covers 84 percent of the population in five years. They also intend to spend P257 billion in infrastructure and service rollout during the period. “Accompanying this bond is a commitment—I will hold you to that commitment—that you will improve the country’s prevailing Internet speed from 4.5 Mbps to 55 Mbps,” Duterte added. Dito Telecommunity Corporation will first conduct a pilot user program toward the end of this year to test the network in order to come out with a better and more robust offering. It will launch only 4G services and will no longer offer legacy 2G and 3G systems. In five years, the company will be covering the country with 5G, with speed offerings that are 10 times faster than what is being offered in the present. One of President Duterte’s campaign promises is the entry of a third telco player, breaking the duopoly of Globe and Smart. The entry of the third telco player is seen to promote competition in the industry and improve the country’s telecommunication services.

SUPER YACHT BUILDER BEHIND WORLD’S ‘MOST EXPENSIVE RESORT’ By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

BRITISH national known for developing super yachts and founder of a retail loyalty building company appears to be behind Banwa Private Island, tagged “the most expensive resort in the world.” Richard Graham Beattie, according to his own web site,“is the founder and Executive Chairman of TCC—the world’s leading exponent of retail loyalty building programs. Since the company’s inception in 1991, TCC has grown to become a truly global business with a turnover now approaching $1 billion.” He also owns Aquos Yachts, which designed Big Fish and Star Fish, super yachts that caught the attention of the yachting world when they were developed in 2010 and 2012. This ties in with claims of a number of industry sources who pointed to a “British national” as the real owner of Banwa, contrary to what the resort management earlier claimed. (See, “Former Aman exec, partners run ‘most expensive resort’,” in the BusinessMirror, May 23, 2019.) Banwa Private Island Limited (BPIL), formerly called EcoResort Investments Limited, is a registered company in Hong Kong, according to Hong Kong’s companies registration site. Beattie is a resident of the special administrative region and is the director on record of Banwa, along with Aquos HK Limited. BPIL has a total issued and paid-up capital of HK$1. Documents further show Aquos HK directors include Beattie; one Katherine Shiew Ling Tsui Huang, an Australian national; and ABP Corporate Services Ltd., a unit of The Asian Business Partner Co. Ltd., which was founded by Huang. ABP services clients which want to establish and expand in Asia, as per its web site. In an e-mail to the BusinessM irror, Banwa Private Island General Manager Rochelle Kilgariff identified EcoResorts Development Corp. (ERDC) as the Philippine developer and owner of the island resort located in Roxas, Palawan. She confirmed that the resort took 10 years to develop, “and that in itself signals that the motivation for this project was never driven by a requirement for a quick return on investment. ERDC… was not willing to compromise quality for expediency. Everything had to be built according to an extremely high level of fit and finish.” She also underscored that “ERDC wanted to ensure that during the development, the environment was not harmed. Hence, ERDC worked closely with the local government and various government agencies to ensure they understood its objectives and actively support its environmental and community initiatives. Taking

Meralco. . .

Continued from A1

WESM charges rose by P1.8794 per kWh due to tight supply conditions in the Luzon grid. Plant capacity on outage increased as demand for power in the grid peaked at 11,344 MW in June. Meralco said the share of WESM to its supply needs went down to 8.1 percent. With limited supply, the number of days on red alert, as declared by the National Grid Corp. of the Philippines (NGCP), increased to five from two in May. A red alert notice is raised when there is severe power deficiency and zero contingency reserve, while a yellow alert means thin power reserves. The company also said the cost of power from IPPs fell by P0.2239 per kWh largely due to the appreciation of the peso. About 97 percent of IPP charges are dollar-denominated. Cost of power from PSAs is stable with a slight increase of P0.0414 per kWh. IPPs and PSAs provided 41.4 percent and 48.2 percent of Meralco’s supply needs, respectively.

the time to develop a resort of such level and quality without harming the environment naturally meant a long gestation period, but it was all worth it.” ERDC is 99.99 percent by Hong Kong firm EcoResorts Investments Limited (renamed BPIL), according to papers filed with the Philippines Securities and Exchange Commission (SEC). ERDC, a real-estate company specializing in leasing and developing properties, was incorporated in May 2008, just a month after BPIL was set up in Hong Kong. The Philippine company has an authorized capital of P34.84 million, of which P8.71 million is paid up. The rest of the original incorporators with shares worth P100 each, are Filipinos Conchita I. Manabat, Manuel O. Faustino, Ophelia G. Jimenez, Leonora C. Ventura and Luz Bernardo. Per the company’s latest general information sheet filed with the SEC, ERDC chairman and president is one Robert Eric Chappelhow, a British national, a director of UK management firm Aquos Creative Limited. The rest of the ERDC directors are Filipinos, namely Maria Feliza Janet M. Oquendo (director), a former manager of Aman Resorts and president of the environmental firm Aquos Foundation; lawyer Carlos Martin M. Tayag (director/corporate secretary) of Romulo Mabanta Buenaventura Sayoc & de los Angeles; hotelier Robert R. Horrigan (director/treasurer), also president of Aquos Management Inc. which runs Banwa resort; Lourdes Mary L. Iway (assistant corporate secretary), also a lawyer with Romulo Mabanta; and Aquos HK’s Huang (director). After its much-publicized worldwide launch in March, the resort abruptly closed its doors to bookings after it was found lacking in DOT accreditation. (See, “No DOT accreditation for costliest resort,” in the BusinessMirror, May 21, 2019.) Kilgariff declined to reveal the total amount of investments needed to develop the island resort, describing these only as “significant sums.” Formerly known as Puerto Island, its last known listing on a real-estate site priced the 58,824-square-meter (14.53 acres) property at $1 million in 2003. One of its previous owners was Vincent Perez, former Philippines Energy Secretary. But he said in a text message: “I sold it a long time ago in the early 1990s.” He said he couldn’t remember the buyer’s name. The island was subsequently renamed Kaliksi, before it became Banwa which means “community” in the old tongue of Palawan tribes. Its conversion from an agricultural land to a resort was approved by the Department of Agrarian Reform on March 14, 2011. According to the conversion order, the island was owned by Kaliksi Inc. and Aquospirit Inc., headed by one Leticia A. Belen, with ERDC as the developer. Transmission charges went down by P0.0788 per kWh, primarily due to lower ancillary service charges. Taxes and other charges also dropped by P0.0349 per kWh. This includes a reduction of P0.0731 per kWh, in compliance with the Energy Regulatory Commission’s (ERC) directive to implement a one-time decrease in rates for reset cost adjustment and to reflect the same as a separate line item in electric bills. This month’s rate also includes an increase in the Universal Charge-Stranded Contract Cost amounting to P0.0543 per kWh to be recovered for 12 months, which was recently approved by the ERC. Meralco’s distribution, supply and metering charges have remained unchanged for 48 months, after these were cut in July 2015. The company reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges are remitted to the government.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, July 9, 2019

NGCP’s 5 transmission projects to address load growth in Luzon

By Lenie Lectura

@llectura

HE National Grid Corp. of the Philippines (NGCP) is currently undertaking five transmission projects worth P17.9 billion meant to address load growth in the western part of Luzon. These projects, which are all certified as energy projects with national significance, are very crucial to accommodate the new pow-

er plants coming in, including the 2x300-megawatt (MW) RP Energy coal-fired power plant, GN Power Dinginin coal-fired power plant and

SMC Consolidated Power coal-fired power plant, among others. Of the P17.9 billion worth of projects, P10.28 billion was earmarked for the Hermosa-San Jose 500-kV transmission line project. This power facility will cater to existing power plants in Bataan, such as the Limay coal-fired power plant, Subic Enron diesel power plant and generation capacity additions like the RP Energy coalfired power plant and San Miguel Corp. coal-fired power plant. It is expected to be finished in the last quarter of 2020. Next in the list is the P5.94-billion Mariveles-Hermosa 500-kilo-

Volt (kV) transmission line project which will serve as a new transmission corridor to accommodate around 2,836 MW from power plants, such as the GN Power Dinginin coal-fired power plant SMC Consolidated Power coal-fired power plant and the Kepco-HHIC coal-fired power plant project. The project entails the construction of a new Mariveles Substation, along with the transmission line. It will be finished in the last quarter of next year. The third project, which is worth P1.34 billion, is the Western Luzon 500-kV backbone project. The first stage of the Western

Luzon 500-kV backbone project involves the construction of the Castillejos-Hermosa 500-kV transmission line and will be connected to the new Hermosa Substation. This is expected to be completed by the second quarter of 2020. The second stage of the project will involve the construction of a new Castillejos substation, Bolo Substation and the Castillejos-Bolo 500-kV transmission line. Stage 2 of the project is slated to be completed by 2025. The fourth project is the Hermosa-Floridablanca 69-kV transmission line worth P315.77 million. This project, which was energized last February, was constructed to

support the old Hermosa-Guagua 69-kV line and to address the low voltage concerns in the area. “All of these projects in the western part of Luzon are critical in the stability and reliability of the transmission system in the near future,” the NGCP said. “Of course, the support and help of our stakeholders are still crucial in the smooth implementation and on-time completion of these projects.” The NGCP is a Filipino-led, privately owned company in charge of operating, maintaining and developing the country’s power grid, led by majority shareholders Henry Sy Jr. and Robert Coyiuto Jr.

PSEi seen to improve in H2 Unilab taps PayMaya for cashless employee payments U F IRST Metro Investment Corp. (FMIC) sees the benchmark Philippine Stock Exchange index (PSEi) settling the at 8,400-8,800 level by the end of the year. Cristina Ulang, FMIC research head, said corporate earnings are seen to post an aggregate growth of 10 percent in the second half of the year, a marked improvement from the 8.6 percent posted in the first quarter. This is “underpinned by GDP growth recovery and policy stimulus from the BSP

amid an inflation downtrend,” she said. The investment bank also expects volume of the equities market to recover, on renewed interest for Real Estate Investment Trust (REIT), and the resumption of public listings, after the first half’s P18billion listing turnover comprised of the P8-billion stock rights offering of PSBank and some private placements. “The REITs will definitely give the volume that the market now needs,” she said. Rabboni Francis Arjonillo, FMIC presi-

dent, said the optimism is underpinned by a 6-percent to 6.5-percent GDP growth for the whole year, despite the disappointing 5.6-percent GDP growth in the first quarter—a four-year low. “After a slower-than-expected growth in the first quarter, we expect the rest of 2019 to be better. Our economy will rebound and will be stronger, as we had forecasted earlier this year, driven by a robust domestic demand and boosted by solid investment spending,” he said. VG Cabuag

NITED Laboratories Inc. (Unilab) has tapped PayMaya Philippines Inc. for the deployment of digital financial services in its company, as demand for cashless payment options continued to increase. Under the deal, more than 3,000 company employees will receive co-branded prepaid PayMaya cards, which they can use for physical transactions. Cafeteria merchants and conces-

sionaires will, likewise, be equipped with PayMaya QR codes and One by PayMaya Business point-of-sale (POS) devices so they can accept not just payments using their PayMayapowered Unilab cards, but also via credit and debit cards, as well as other emerging-payment options. “With a growing millennial and Gen-Z work force, it is imperative for us to adopt emerging technologies. We are excited to have an upgraded payment experience in our cafete-

ria through the help of PayMaya, and we are looking forward to utilize this technology in other areas as well,” said Lawrence L. Ong, senior vice president at Unilab. Aside from using their PayMaya accounts to pay for their in-company transactions, Unilab employees with PayMaya digital wallets can use their accounts for other cashless transactions, such as paying bills, sending money and buying prepaid credits. Lorenz S. Marasigan

Companies BusinessMirror

Tuesday, July 9, 2019

PSE STOCK QUOTATIONS

July 8, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

58.7 141.1 78 27.05 12.16 71.55 13.2 54.4 57.6 26.6 171.4 61.1 1.2 2.43 18.7 4.8 7.71 1.31 0.48 0.98 189.1 1.12

58.9 141.5 78.15 27.15 12.18 71.6 13.24 54.9 57.8 27 172 61.7 1.22 2.44 18.72 4.84 8.6 1.39 0.485 0.99 189.5 1.19

58.5 143 78.6 27.15 12.12 71.75 13.2 56 58 27.15 172.4 62 1.19 2.44 18.7 4.76 7.71 1.34 0.49 0.99 190 1.12

58.9 143 78.8 27.25 12.18 72 13.2 56 58 27.15 172.5 62 1.23 2.44 18.7 4.9 7.71 1.34 0.5 0.99 190 1.12

58.05 141.1 78 27.1 12.08 71 13.2 54.4 57.5 26.7 170 61.1 1.16 2.32 18.7 4.72 7.71 1.3 0.48 0.99 190 1.12

58.9 141.1 78 27.15 12.16 71.6 13.2 54.4 57.8 27 171.9 61.1 1.22 2.43 18.7 4.85 7.71 1.3 0.485 0.99 190 1.12

8700 734360 1192710 76000 780100 2669740 140700 473290 1740 66400 583640 4740 260000 126000 15200 30000 5500 42000 438000 20000 1230 41000

512264.5 103806481 93494368 2060840 9468526 190776409 1857240 25960162.5 100581 1789310 100522844 291712 305200 296740 284240 144370 42405 55470 213525 19800 233700 45920

INDUSTRIAL

500650 -24883462 -39960734 -851250 -1258526 -52083132.5 7145788 -11520 -42885 8887557 -271968 36600 19600 -19000 -

ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CONCRETE A CONCRETE B CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE TKC METALS VULCAN INDL CROWN ASIA EUROMED LMG CHEMICALS MABUHAY VINYL CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.36 37.1 0.26 27.5 91.7 382.6 25 5.89 4.6 2.28 12 38.8 6.5 14.32 14.4 6.32 10.24 7.59 102 0.81 57 282 9.05 14.16 0.19 1.85 14 1.35 4.9 1.91 0.127 177 1.25 2.49 94.5 105 3.01 5.01 15.44 10.98 13.52 18.3 1.18 1.35 2.02 1.59 4.23 3.3 40.6 2.51 10.08 1.72 5.6 1.12 16.02

1.37 37.15 0.265 27.6 91.75 383 25.2 5.9 4.7 2.29 12.02 38.9 6.56 14.5 14.64 6.35 10.3 7.6 102.8 0.82 57.4 282.4 9.3 14.2 0.192 1.86 14.1 1.36 4.91 2.11 0.132 178 1.26 2.59 94.6 111.6 3.02 5.25 15.46 11 13.56 18.36 1.19 1.36 2.08 1.72 4.5 3.43 40.9 2.52 10.1 1.73 5.87 1.14 16.08

1.36 37 0.26 26.95 91.45 383 25.1 5.9 4.74 2.24 12.1 38.8 6.57 14.58 14.68 6.47 10.54 7.6 104.1 0.86 57.4 285 9.78 14.5 0.19 1.89 13.7 1.38 4.9 1.92 0.127 176 1.28 2.48 100 110.3 3.07 5.01 15.58 11.1 13.5 18 1.2 1.45 2.09 1.6 4.23 3.44 40.6 2.55 10.24 1.74 5.87 1.12 16.52

1.37 37.2 0.265 27.65 94.2 386 25.35 5.92 4.77 2.29 12.16 39.2 6.57 14.58 14.68 6.5 10.54 7.6 104.1 0.86 59.85 285.2 9.78 14.5 0.194 1.96 14.12 1.38 4.9 1.95 0.127 180.4 1.28 2.59 102.5 117.8 3.07 5.01 15.62 11.18 13.6 18.72 1.23 1.45 2.09 1.6 4.23 3.44 40.6 2.58 10.24 1.74 5.88 1.13 16.56

1.36 36.6 0.26 26.95 91.45 382.2 24.85 5.89 4.7 2.21 11.94 38.8 6.49 14.32 14.3 6.3 10.22 7.58 102 0.81 56.95 280.2 9 14.14 0.189 1.85 13.7 1.35 4.9 1.9 0.127 173.5 1.25 2.48 93.1 105 3 5.01 15.44 10.96 13.5 18 1.19 1.34 2 1.59 4.23 3.44 40.6 2.52 10.08 1.71 5.87 1.11 16

1.37 37.1 0.265 27.5 91.7 383 25 5.9 4.7 2.28 12.02 38.8 6.56 14.5 14.4 6.32 10.24 7.6 102.8 0.82 57.4 282 9.49 14.2 0.19 1.86 14 1.36 4.9 1.95 0.127 178 1.26 2.59 94.6 106 3.01 5.01 15.46 11 13.6 18.3 1.19 1.35 2.06 1.59 4.23 3.44 40.6 2.52 10.1 1.72 5.88 1.12 16.02

68000 551600 2870000 5425200 493400 127350 1009700 2171300 19000 17594000 71500 281500 140600 1473800 463500 188100 1258600 130300 1131920 3086000 320070 317970 26300 1509700 3210000 7993000 177600 582000 2233000 41000 20000 1318260 1821000 12000 25450 4310 7792000 4200 1244400 349200 585400 6317000 503000 17663000 687000 54000 6000 5000 800 4741000 172400 316000 41200 1272000 414100

92810 20395705 754450 149107270 45834199 48831950 25347020 12815197 89810 39798250 865488 10973910 913687 21335418 6679688 1209323 12929546 989445 116471898 2536360 18423603.5 89681074 242634 21475832 610170 15175080 2485898 793520 10941700 79000 2540 235783341 2304550 30070 2466544.5 463824 23557030 21042 19280876 3847528 7927760 115727046 602210 24107890 1388460 86040 25380 17200 32480 12,086,420( 1742514 543330 241845 1422390 6676586

1691495 76516310 9178633.5 20419012 -1507010 -5551662 513840 -51458 -1857840 7485638 -596302 -111970 -3502638 -104707569 -135610 4380696.5 -43318546 -476908 -673300 1525514 -136000 739900 64480490 -466190 1127240 2687054 2812748 -1267202 -15750472 1252930 24360 2,504,590.0001) -679094.0001 -2910922

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.99 12.58 915 55 15.28 3.75 6.9 0.74 1.3 1.31 6.87 10.22 13.9 0.225 840 6.41 67.6 0.48 4.35 15.78 0.61 4.77 0.04 1.55 1.38 431 960 174.9 0.81 263.6 0.236 0.325

1 12.74 920 55.3 15.3 3.77 7 0.75 1.31 1.32 6.88 10.24 14 0.243 849 6.45 68.5 0.485 4.39 15.8 0.62 4.78 0.041 1.56 1.4 465 960.5 175 0.84 266.8 0.239 0.33

1.02 13.1 912 55.7 15.4 3.85 7 0.75 1.29 1.32 6.87 10.24 14.06 0.228 859 6.4 68.3 0.495 4.26 15.92 0.63 4.78 0.039 1.52 1.4 433 980 175 0.83 266.8 0.235 0.33

1.05 13.2 920 55.75 15.62 3.85 7 0.76 1.32 1.32 6.9 10.3 14.06 0.243 866 6.41 68.5 0.495 4.43 15.96 0.63 4.79 0.041 1.55 1.42 465 983.5 175.5 0.83 266.8 0.241 0.335

0.99 12.52 907 54.55 15.14 3.75 7 0.74 1.28 1.32 6.82 10.22 13.9 0.224 840 6.4 67.45 0.485 4.26 15.44 0.61 4.74 0.039 1.49 1.38 433 960 174.8 0.81 266.8 0.232 0.32

0.99 12.78 920 55 15.3 3.75 7 0.74 1.31 1.32 6.87 10.24 14 0.243 840 6.41 68.5 0.485 4.35 15.8 0.62 4.78 0.04 1.55 1.38 465 960 175 0.81 266.8 0.236 0.33

46889000 56300 204370 626840 6328400 5609000 203600 259000 3030000 71000 360200 2099800 134300 350000 55180 205000 447170 60000 3100000 2441900 1764000 18382000 33700000 4408000 440000 30 97110 82140 142000 110 4850000 4790000

47428520 719066 187408470 34589195 96876768 21244050 1425200 192460 3926700 93720 2471795 21528316 1883652 80730 46961330 1312650 30564577 29200 13494240 38665536 1096020 87777890 1332800 6761340 614660 13310 93956100 14376596 116220 29348 1154500 1561600

-1065180 -75178 39184625 -6885316.5 -54004018 507140 30800 14800 66000 277833 -3674862 -445068 -7432575 -736400 3699324.5 -964440 12354770 22320 7720950 -140400 -2214225 -865668 -6640 -2668 -65500

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.94 0.95 0.97 1.02 0.93 0.95 14364000 14198820 -109500 AYALA LAND 52.05 52.1 51.85 52.65 51.8 52.1 18957550 991906354 21281899.5 ARANETA PROP 1.99 2.04 2.05 2.05 2 2.04 228000 459710 BELLE CORP 2.34 2.35 2.35 2.37 2.32 2.35 287000 673790 121710 A BROWN 0.87 0.88 0.86 0.91 0.85 0.87 11442000 10057350 38370 CITYLAND DEVT 0.9 0.92 0.91 0.93 0.89 0.9 33000 29680 9000 CROWN EQUITIES 0.238 0.243 0.238 0.243 0.238 0.243 410000 97730 CEBU HLDG 6.09 6.1 6.1 6.11 6.09 6.1 76800 468555 -132336 CEB LANDMASTERS 5.17 5.18 5.18 5.28 5.17 5.17 2189100 11432431 -175164 CENTURY PROP 0.6 0.61 0.62 0.63 0.59 0.6 63496000 38423520 622650 CYBER BAY 0.47 0.475 0.46 0.49 0.46 0.475 7920000 3783100 -28200 DOUBLEDRAGON 24.7 24.9 25 25 24.65 24.9 210100 5205755 -25365 DM WENCESLAO 10.3 10.5 10.66 10.68 10.32 10.5 188700 1983742 -559498 EMPIRE EAST 0.475 0.48 0.47 0.48 0.47 0.48 470000 221000 FILINVEST LAND 1.85 1.86 1.92 1.92 1.84 1.86 30097000 56136300 -14754990 GLOBAL ESTATE 1.38 1.39 1.38 1.4 1.38 1.38 1244000 1719780 8990 HLDG 15.28 15.3 15.3 15.38 15.26 15.28 338800 5175968 -808038 PHIL INFRADEV 1.75 1.76 1.82 1.82 1.74 1.75 7655000 13481640 601130 CITY AND LAND 0.79 0.8 0.81 0.82 0.8 0.8 734000 588120 24000 MEGAWORLD 6.09 6.12 6.1 6.17 6.08 6.12 4307200 26338714 357451 MRC ALLIED 0.335 0.34 0.335 0.34 0.33 0.335 18090000 6041150 -130450 PHIL ESTATES 0.475 0.485 0.48 0.485 0.48 0.485 140000 67650 -24000 PRIMEX CORP 2.11 2.14 2.26 2.26 2.1 2.11 1110000 2390110 42200 ROBINSONS LAND 26.5 26.65 26.8 26.8 26.3 26.6 762700 20282565 12585085 PHIL REALTY 0.4 0.405 0.405 0.405 0.4 0.405 730000 294100 ROCKWELL 2.22 2.23 2.22 2.23 2.21 2.22 69000 153170 -2230 SHANG PROP 3.05 3.1 3.15 3.16 3.15 3.15 312000 983800 STA LUCIA LAND 1.93 1.94 1.96 2 1.93 1.93 946000 1855980 SM PRIME HLDG 37.8 38 38.25 38.3 37.8 37.8 5707000 216868605 -56910005 STARMALLS 6.22 6.36 6.48 6.48 6.21 6.22 64500 405426 SUNTRUST HOME 0.74 0.75 0.74 0.75 0.74 0.75 53000 39730 740 PTFC REDEV CORP 45 49.4 49.5 49.5 49.5 49.5 3600 178200 VISTA LAND 7.23 7.24 7.23 7.24 7.16 7.24 4140900 29896221 -6181576 SERVICES ABS CBN 17.46 17.98 17.96 17.98 17.48 17.98 125700 2213078 GMA NETWORK 5.42 5.43 5.45 5.47 5.4 5.42 78500 426252 MANILA BULLETIN 0.52 0.53 0.52 0.52 0.5 0.52 848000 434670 MLA BRDCASTING 14.4 15 14.4 14.4 14.4 14.4 6000 86400 GLOBE TELECOM 2196 2200 2262 2262 2178 2196 34545 75922480 -6836920 PLDT 1205 1222 1259 1259 1204 1205 62835 76663615 -21415185 APOLLO GLOBAL 0.044 0.045 0.046 0.046 0.045 0.045 9400000 425800 DFNN INC 6 6.27 6.27 6.27 6.27 6.27 100 627 IMPERIAL 1.92 1.98 1.99 1.99 1.92 1.92 41000 78790 ISLAND INFO 0.116 0.117 0.118 0.118 0.116 0.118 1360000 158180 ISM COMM 6.84 6.85 7.01 7.09 6.84 6.84 16602100 115482294 -1752714 JACKSTONES 2.99 3.12 3 3 3 3 14000 42000 NOW CORP 2.47 2.48 2.43 2.49 2.4 2.48 3277000 7975100 -427560 TRANSPACIFIC BR 0.36 0.365 0.385 0.385 0.355 0.365 26370000 9763350 210600 PHILWEB 4.14 4.15 3.89 4.15 3.89 4.14 7708000 31497450 -4276290 2GO GROUP 10.9 10.98 11.3 11.3 10.8 10.98 55200 601622 -6620 CHELSEA 9.02 9.03 8.85 9.06 8.73 9.02 17235800 154192123 3224263 CEBU AIR 93.35 93.4 92.75 93.6 92.65 93.4 208650 19421515.5 4131099.5 INTL CONTAINER 142.2 142.9 143.2 144.7 142.2 142.2 1613800 230,296,712( 25,199,996.9999) LBC EXPRESS 14.1 14.88 14.4 14.4 14.4 14.4 200 2880 LORENZO SHIPPNG 0.83 0.85 0.83 0.85 0.83 0.85 424000 351990 -166000 MACROASIA 19.26 19.28 19.34 19.34 19.04 19.28 294000 5652116 3860078 METROALLIANCE A 1.55 1.62 1.55 1.55 1.55 1.55 1000 1550 METROALLIANCE B 1.6 1.64 1.64 1.64 1.6 1.6 4000 6440 PAL HLDG 9.1 9.45 9.02 9.46 9.01 9.46 34800 315095 HARBOR STAR 2.2 2.23 2.23 2.23 2.2 2.2 1285000 2833840 110000 ACESITE HOTEL 1.34 1.43 1.34 1.34 1.34 1.34 7000 9380 BOULEVARD HLDG 0.055 0.056 0.057 0.057 0.055 0.055 13920000 778070 DISCOVERY WORLD 2.09 2.31 2.32 2.32 2.32 2.32 2000 4640 WATERFRONT 0.76 0.77 0.77 0.79 0.77 0.77 4408000 3431090 -156000 CENTRO ESCOLAR 6.98 7.19 7.21 7.21 7.21 7.21 100 721 IPEOPLE 9.81 9.9 9.9 9.9 9.9 9.9 10800 106920 STI HLDG 0.79 0.8 0.76 0.79 0.76 0.79 14173000 11065900 2660190 BERJAYA 2.69 2.72 2.76 2.76 2.68 2.72 398000 1079800 BLOOMBERRY 11.48 11.6 11.64 11.64 11.4 11.48 7352600 84520494 -54964984 PACIFIC ONLINE 3.02 3.05 3.03 3.09 3.02 3.02 265000 801960 -157300 LEISURE AND RES 3.75 3.78 3.79 3.79 3.71 3.75 629000 2353770 419570 MANILA JOCKEY 3.11 3.2 3.15 3.15 3.1 3.1 110000 342610 PH RESORTS GRP 5.32 5.5 5.52 5.53 5.5 5.5 35000 193265 22080 PREMIUM LEISURE 0.73 0.74 0.75 0.75 0.73 0.73 8487000 6239920 -1714440 TRAVELLERS 5.45 5.5 5.35 5.51 5.35 5.45 1509300 8211684 -7977144 METRO RETAIL 2.6 2.62 2.64 2.64 2.59 2.6 1677000 4376650 -338750 PUREGOLD 43.85 44 43.8 44.2 43.7 43.85 1318100 57785765 -24203165 ROBINSONS RTL 77 77.05 77.3 77.3 76.7 77 373430 28751816.5 7926663.5 PHIL SEVEN CORP 136 137 135.4 136 135.4 136 870 117903 117903 SSI GROUP 3.46 3.47 3.37 3.48 3.36 3.47 6709000 22970310 8262110 WILCON DEPOT 16.9 16.92 16.96 17.08 16.9 16.9 354400 6005082 -607890 APC GROUP 0.53 0.54 0.54 0.55 0.53 0.54 8957000 4831200 EASYCALL 10.02 10.06 10.06 10.14 10.02 10.06 35700 359160 GOLDEN BRIA 415 421 427 427 410.2 421 680 285406 IPM HLDG 5.85 6 5.85 5.85 5.8 5.8 10000 58250 PRMIERE HORIZON 0.85 0.86 0.9 0.91 0.84 0.86 59411000 51605900 544410 SBS PHIL CORP 9 9.29 9 9 9 9 4400 39600 MINING & OIL ATOK 11.24 12.5 12.5 12.5 12.48 12.5 2700 33744 APEX MINING 1.14 1.16 1.17 1.2 1.14 1.14 7371000 8,542,250( 4,932,759.9997) ABRA MINING 0.0017 0.0019 0.0018 0.0018 0.0017 0.0018 50000000 89900 ATLAS MINING 2.69 2.83 2.78 2.83 2.78 2.83 80000 224840 CENTURY PEAK 2.83 2.84 2.77 2.86 2.76 2.83 1047000 2961360 DIZON MINES 7.81 7.87 7.88 7.88 7.82 7.82 400 3134 FERRONICKEL 1.48 1.49 1.48 1.48 1.46 1.48 633000 931840 2940 GEOGRACE 0.219 0.223 0.222 0.225 0.219 0.219 210000 46090 LEPANTO A 0.105 0.11 0.107 0.11 0.105 0.11 4970000 528120 LEPANTO B 0.114 0.125 0.115 0.125 0.115 0.125 80000 9300 MANILA MINING A 0.0075 0.0078 0.0075 0.0075 0.0075 0.0075 4000000 30000 MANILA MINING B 0.0075 0.0079 0.0076 0.0076 0.0076 0.0076 1000000 7600 MARCVENTURES 1.16 1.17 1.21 1.21 1.12 1.17 68872000 77857910 76275000 NIHAO 1 1.01 1.04 1.04 1 1.01 14000 14090 8000 NICKEL ASIA 2.2 2.21 2.26 2.27 2.2 2.2 2156000 4,780,300( 2,241,489.9997) OMICO CORP 0.53 0.56 0.53 0.55 0.53 0.55 6000 3280 ORNTL PENINSULA 0.85 0.86 0.87 0.87 0.84 0.86 1761000 1497180 PX MINING 3.5 3.6 3.5 3.54 3.48 3.5 400000 1400180 -259000 SEMIRARA MINING 22.8 22.9 22.75 23.15 22.5 22.8 733900 16706960 -2429590 UNITED PARAGON 0.0064 0.0066 0.0064 0.0064 0.0064 0.0064 2000000 12800 ORNTL PETROL A 0.011 0.013 0.012 0.012 0.012 0.012 15500000 186000 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 103600000 1129800 -22000 PHINMA PETRO 4.68 4.8 4.71 4.86 4.66 4.8 120000 565550 PXP ENERGY 7.92 7.93 7.5 7.94 7.5 7.92 2710700 21175058 1325832 PREFFERED ALCO PREF B 99.8 101 100 100 100 100 9800 980000 DD PREF 98.5 99 98.1 99.45 98.1 99.45 600 59400 SMC FB PREF 2 961 965 965 965 965 965 10000 9650000 GLO PREF P 480 499 485 485 485 485 2000 970000 GTCAP PREF A 867.5 918 900 900 900 900 370 333000 LR PREF 0.99 1 1 1 0.99 0.99 21000 20800 PNX PREF 3B 106 107.5 106 106 106 106 20 2120 PCOR PREF 2A 1000 1010 1000 1000 1000 1000 1520 1520000 PCOR PREF 3A 1010 1011 1011 1012 1011 1012 4005 4050050 PCOR PREF 3B 1011 1014 1010 1014 1010 1014 15660 15842710 1046385 SFI PREF 1.36 1.75 1.36 1.36 1.36 1.36 6000 8160 SMC PREF 2C 76.3 76.8 76.7 76.7 76.3 76.3 8130 620507 SMC PREF 2E 72.7 73 73 73 73 73 1000 73000 SMC PREF 2F 73.8 74 74 74 74 74 2610 193140 SMC PREF 2I 73.5 73.7 73.7 73.7 73.7 73.7 9900 729630 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17 5.22

17.2 5.49

17 5.49

17.1 5.49

17 5.49

52200 200

887420 1098

WARRANTS LR WARRANT

1.86

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.01 MAKATI FINANCE 2.48 XURPAS 1.18

1.9

1.86

1.9

1.86

1.9

186000

351960

5.02 2.69 1.19

5.01 2.48 1.18

5.02 2.48 1.19

4.94 2.48 1.16

5.02 2.48 1.19

265700 35000 3983000

1331595 86800 4661960

3000 -23300

EXHANGE TRADE FUNDS FIRST METRO ETF

120.5

-884000 -

121.3

121.7

120.3

120.5

5820

704654

182382

www.businessmirror.com.ph

URC sells Oceania unit to Intersnack Group

By VG Cabuag

@villygc

NIVERSAL Robina Corp. (URC), the food group of the Gokongwei family, on Monday said it sold 40 percent of its consolidated business in Australia and New Zealand unit to Europe-based Intersnack Group. No amount was given, but URC said the transaction will be a mix of cash and shares of Yarra Valley Snack Foods Pty. Ltd., Intersnack’s food unit in Australia. “Leveraging on URC and In-

tersnack’s know-how from their respective markets will yield best practices in manufacturing, supply chain and sustainability practices, setting the groundwork for an even larger and more efficient

Oceania operations,” the company said. “Through this transaction, URC monetizes some of the synergies it has generated from its early investments in Australia and New Zealand, while still retaining control and its ability to further create value within and beyond ANZ.” This transaction will be consumed once the necessary approvals are obtained from the Australian Foreign Investment Review Board and New Zealand Overseas Investment Office, the company said. Intersnack Group, a privately owned firm, is a European business with operations in 24 countries. The company has built an extensive product portfolio of savory snacks, including potato and tor-

tilla chips, puffed and other corn snacks, baked products, and popcorn and nuts. It currently holds a leading position in all markets, mostly ranking first or second in terms of market shares. Intersnack generates about $3 billion or about P158.6 billion in net sales across Europe. In Australia, its presence is currently limited to Yarra Valley, a market leader in organic and gluten-free snacks. In 2016, URC acquired Australia’s Consolidated Snacks Pty. Ltd., the company that owns Sydney-based Snackbrands Australia, the secondlargest player in salty snacks. URC also owns Griffin’s, New Zealand’s No. 1 snack-food company, which it acquired in 2014.

PSALM to convert Diliman property into mixed-use devt

HE Power Sector Assets and Liabilities Management Corp. (PSALM) said Monday its 5.195-hectare property in Diliman, Quezon City, will be converted into a commercial center with high-rise mixed-use development, offering both office spaces and retail spaces. The state firm said the property will also be transformed into an accredited economic zone that will provide offices for PSALM, the National Power Corp. and the National Transmission Corp. PSALM has selected the architectural conceptual design submitted by WTA Design Studio as the winning conceptual design for PSALM’s Diliman property. The design contest specifically required that the design entries would have to integrate into such development the existing two buildings. WTA Design Studio’s conceptual design entry, entitled “The East Grid,” was selected for its multidimensional, people-oriented

concept of developing a new environment-friendly business center that integrates energy-efficient systems, and innovative and sustainable design ideas. This design entry assimilates pedestrian-friendly spaces, interactive installations, bike trails, green promenades, al-fresco spaces and play areas into a development that will ensure a net leasable space of about 400,000 square meters. PSALM President lawyer Irene Besido-Garcia said this architectural conceptual design competition is a critical component of the company’s privatization program. It said that an outright sale of the land is much easier but less advantageous for the government than purposefully developing it in accordance with its best use and eventually ensuring a substantial income stream and steady cash flow that the government can enjoy. “The objective of the competition is to fully maximize the utilization of the Quezon City property, study

Rockbird Media acquires UK management consultancy’s operations in Asia Pacific

ILIPINO - OW NED events management company Rockbird Media has acquired at an undisclosed amount the Asia Pacific (Aspac) operations of London-based management consultancy Proventa International on the back of emerging meetings, incentives, conventions and exhibitions (MICE) industry in the country. Since the MICE sector is a priority program of the Department of Tourism (DOT), Rockbird Media Founder and CEO Leo Empuerto said it’s timely to beef up their services in the Philippines and neighboring countries within the region. “We wanted to have full control over the Apac market,” he said. “There is a lot to innovate within the MICE sector that would breed multiple revenues, not just for my company, but for the whole region.” In 2013, hotel and events connoisseur Empuerto established Proventa International with his colleague Louis Smikle in London and eventually, expanded in Florida and Manila. “When I cofounded Proventa, I’ve always had a vision to transform the events industry, to do something that hasn’t been done before,” he said. Since then, it has become the top provider of strategy meetings for

business-to-business (B2B) companies in Europe, the United States and Aspac. In the Asia Pacific, Proventa International mounts HR Leaders and Digital Transformation strategy meetings, which are now being continued by Rockbird Media. With the acquisition, the firm will also keep on hosting B2B corporate meetings, dinners and events, as well as provide business development consultancy. It will be adding B2C (businessto-consumer) services such as social events, specialized outsourcing and other à la carte services. These include IT Security meeting for cyber security and information security decision-makers in the country, and various specialized training programs across industries. A benefit music festival for the 50th anniversary of Tahanan Outreach Projects Services Inc., a nonprofit organization promoting youth education, is also in the works. “Now, we are thrilled to provide the best client experience in both B2B and B2C events spaces,” said Empuerto, who envisions Rockbird Media to be the go-to events provider in Aspac and, eventually, worldwide. Roderick L. Abad

carefully the possible highest and best use for it and ensure that the government can strategically take advantage of the property’s full potentials,” Garcia said. WTA Design Studio will receive a cash prize of P4 million. The amount will cover all components of its entry design such as the archi-

MUTUAL FUNDS

tectural conceptualization and intellectual property, the submitted scale model, the CAD video walk-through, the study on the developmental and financial costing, and other considerations to meet PSALM’s objective for the highest and best use for an environment-friendly and energyefficient property. Lenie Lectura

July 8, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 270.15 8.78% 0.16% 1.02% 7.12% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6699 16.05% 8.17% 3.02% 15.9% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1958 6.75% 0.16% 0.21% 7.5% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9632 10.95% N.A. N.A. 6.9% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8939 9.61% N.A. N.A. 8.92% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.589 9.26% 1.04% 0.99% 5.99% MBG EQUITY INVESTMENT FUND, INC. -A 123.71 16.06% N.A. N.A. 6.49% ONE WEALTHY NATION FUND, INC. -A 0.8988 7.56% -3.44% N.A. 7.42% PAMI EQUITY INDEX FUND, INC. -A 53.5343 11.82% 0.97% N.A. 8.76% PHILAM STRATEGIC GROWTH FUND, INC. -A 555.42 10% -0.1% 0.82% 7.9% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3555 11.88% 1.99% 3.2% 8.09% PHILEQUITY FUND, INC. -A 39.7757 12.39% 2.66% 2.66% 8.58% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0744 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.4321 12.83% 1.97% 3.04% 9.54% PHILIPPINE STOCK INDEX FUND CORP. -A 907.15 12.88% 1.68% 2.99% 9.5% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9489 13.45% 1.01% N.A. 10.34% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.4272 12.47% 1.84% 2.42% 9.07% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0421 12.27% 1.63% N.A. 9.2% UNITED FUND, INC. -A 3.8038 10.3% 3.43% 3.14% 8.66% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 121.4542 13.3% 2.59% 4.05% 9.67% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0089 -0.56% 6.46% -0.14% 8.59% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.3257 4.57% 10.41% N.A. 19.95% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.766 8% -1.17% -1.1% 6.95% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3541 5.79% 0.22% 0.95% 6.56% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.7005 7.11% 0.41% -1.12% 6.19% GREPALIFE BALANCED FUND CORPORATION -A 1.3693 4.73% N.A. N.A. 4.98% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9592 7.71% 0.69% 1.38% 6.3% PAMI HORIZON FUND, INC. -A 3.7873 7.89% -0.55% 0.61% 7.31% PHILAM FUND, INC. -A 17.0725 8.87% -0.32% 0.66% 7.32% SOLIDARITAS FUND, INC. -A 2.1763 6.91% 0.93% 1.85% 5.18% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.939 10.14% 0.72% 1.61% 7.88% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0332 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0348 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0316 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 1.0093 10.94% 0.98% 1.29% 9.5% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03765 8.25% 1.59% 2.12% 6.66% PAMI ASIA BALANCED FUND, INC. -A $1.0035 0.38% 3.95% -0.68% 9.83% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.8098 5.26% 7.06% 2.87% 15.15% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1206 5.46% 4.48% N.A. 10.95% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 350.5 3.44% 1.98% 2.21% 2.05% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8999 2.22% -0.16% -0.07% 2.19% COCOLIFE FIXED INCOME FUND, INC. -A 3.0521 5.53% 5.27% 5.28% 2.55% EKKLESIA MUTUAL FUND INC. -A 2.1899 3.42% 0.94% 1.91% 2.85% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3172 4.6% 1.03% 1.42% 5.08% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6054 2.29% -1.82% N.A. 2.62% PHILAM BOND FUND, INC. -A 4.1895 6.33% -0.3% 1.31% 6.88% PHILEQUITY PESO BOND FUND, INC. -A 3.6837 5.6% 0.73% 1.48% 4.74% SOLDIVO BOND FUND, INC. -A 0.9387 4.13% -0.72% N.A. 5.33% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9679 8.42% 1.01% 2.17% 7.31% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6481 8.36% 0.55% 1.68% 7.03% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $459.41 3.82% 1.65% 2.77% 2.46% ALFM EURO BOND FUND, INC. -A Є218.22 2.55% 1.41% 1.54% 2.61% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1853 6.67% 1.77% 2.51% 5.29% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0257 4.05% 0.92% N.A. 3.63% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7156 1.44% -2.15% 0.65% 1.5% PAMI GLOBAL BOND FUND, INC -A $1.0919 5.63% -0.43% -1.83% 5.37% PHILAM DOLLAR BOND FUND, INC. -A $2.3583 10.13% 0.91% 3.36% 8.64% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0594044 4.74% 1.64% 1.87% 4.22% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1008 7.74% 0.18% 2.86% 7.96% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.62 3.77% 2.43% 1.95% 2.27% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0153 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2165 4.07% 1.78% 1.09% 2.93% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2454 3.73% 2.67% 2.05% 2.15% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0284 2.16% N.A. N.A. 1.23% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 - LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019.

www.businessmirror.com.ph

Banking&Finance BusinessMirror

‘Undervalued rice imports may have caused ₧5-B gap in tariff collection’ By Jasper Emmanuel Y. Arcalas

@jearcalas

HE lower tariff collection from rice imports—which, in turn, may have caused the government billions in forgone revenue—may have been caused by the undervaluing of such by importers and traders, according to the Federation of Free Farmers Inc. (FFF). Given the prevailing global prices of the staple, FFF National Manager Raul Q. Montemayor described as quite small the P5.1-billion tariff collections from 1.43 million metric tons (MMT) of rice imports by the Bureau of Customs (BOC). According to FFF’s computation, the landed cost of the rice imports per metric ton would only be about $227 if one were to base this on the import and tariff collection figures released by the BOC, Montemayor said.

This, he pointed out, indicates an undervaluation of shipments by importers, which they could deliberately do in connivance with their suppliers abroad to avoid paying higher duties. “Data from international monitoring groups, such as the Food and Agriculture Organization [FAO] indicate that the real landed cost of these imports should have been around $391 per ton if these were 25-percent broken rice,” he said in a statement on Monday.

“In effect, importers appear to have undervalued their shipments by 42 percent and paid P4.24 billion less than what was due from them,” he added. Montemayor said the discrepancy in tariff collection could rise to as much as P5.1 billion, as a majority of imported rice constitutes 5 percent of the “brokens” variety, which is estimated to have a higher landed cost of $422 per MT. “In fact, reports indicate that most of the private-sector imports were for 5-percent broken rice, which commands a higher price in the market and gives a better profit margin for traders. This type of rice should have landed at $422 per ton at the lowest, instead of just $227,” he said. “In this scenario, the tariff discrepancy would amount to around P5.1 billion,” he added. Sought for comment, the BOC had not responded as of press time.

Both govt, farmers lose

IF the undervaluation is true, it would not only mean revenue losses for the government but also lower funding for rice farmers, as

rice tariffs are now earmarked for the improvement of the industry, Montemayor said. Under the rice trade liberalization law, which took effect on March 5, the government shall allocate P10 billion annually to the rice sector, which is known as the Rice Competitiveness Enhancement Fund (RCEF). The RCEF shall be primarily comprised of the rice tariffs collected by the government and any excess of the P10 billion would still be appropriated for other programs targeted for rice farmers. “Because of undervaluation of imports, tariff collections may not breach the P10-billion threshold, or the excess may be too small to provide any meaningful assistance to affected farmers,” Montemayor said. If the undervaluation of rice imports is true, then it could further depress farm-gate prices of palay as the landed cost of imported rice translates to only about P17.30 per kilogram, Montemayor explained. “The $227 per metric ton landed cost of imported rice trans-

lates to around P17.30 per kilo wholesale in our domestic market. Traders will be forced to buy palay from farmers at less than P10 per kilo in order to compete with this price,” he added. BOC data showed that it has already collected P5.072 billion tariffs from over 815,173.960 MT worth P14.459 billion in the March-to-May period alone, the period effectively covered by the rice trade liberalization law. Based on BusinessMirror’s computation, this shows that the average unit cost of rice imports is about $339.57 per MT. At this average unit cost, the BOC should have already collected P8.837 billion if 1.43 MMT of rice entered the country from the March to June period, BusinessMirror’s analysis showed. Montemayor concurred with BusinessMirror’s analysis and noted that it is possible that the BOC’s figures, either the import volume or tariff collection, are incorrect. It is also possible that both figures are incorrect or it is really a case of undervaluation, Montemayor added.

Deutsche Bank CEO cuts 18,000 jobs in $8.3-B revamp

EUTSCHE BANK AG unveiled a radical overhaul that will see the lender exit its equities business, post a €2.8-billion ($3.1-billion) secondquarter loss and cut the work force by a fifth to reverse a slide in profitability. Chief Executive Officer Christian Sewing will shelve the dividend this year and next, and take restructuring charges of €7.4 billion through 2022 to pay for an overhaul that shrinks the German lender’s oncemighty investment bank along with its global footprint and key fixedincome business. “Today we have announced the most fundamental transformation of Deutsche Bank in decades,” Sew-

ing said in a statement on Sunday. “We are tackling what is necessary to unleash our true potential.” Key points of the plan and the bank’s financial estimates n Targets headcount of 74,000 by 2022 n Restructuring cost of €3 billion in Q2, €5.1 billion over 2019 n Cutting risk-weighted assets by about 40 percent in effected businesses n No dividend to be paid for 2019, 2020 n Plans to invest €4 billion in improving controls by 2022 n Creates fourth division to be known as corporate bank n Sees private bank ROTE above 12 percent in 2022

Corporate governance body recognizes BPI for responsible stewardship, value-driven management

BPI Chief Compliance Officer Atty. Noravir A. Gealogo, (left), and Corporate Governance Officer Don Cesar Teodoro L. Sevilla II accept the Golden Arrow award from Chairman Emilio B. Aquino (center) of the Securities Exchange Commission. CONTRIBUTED PHOTO

HE country’s institute dedicated to the professionalization of Philippine corporate directorship has recognized Bank of the Philippine Islands (BPI) for responsible stewardship and governance excellence in the conduct of its business. The Institute of Corporate Directors, which seeks to raise the level of the country’s governance policy and

practice to world-class standards, used its Asean Corporate Governance Scorecard (ACGS) and rated BPI among the top 5 of the 16 publicly listed banks in the country. BPI received a Golden Arrow Award in recognition of this achievement, for being a top-performing publicly listed company in the recently held ACGS Golden Arrow awarding ceremony.

The scale of the revamp underscores the failure of Sewing and his recent predecessors to solve the fundamental problem: costs were too high and revenue too low. After government-brokered merger ta lks w ith Commerzbank AG collapsed in April, the CEO had few alternatives to bolster market confidence. His plan was approved by the board at a meeting Sunday. Deutsche Bank climbed as much as 4.4 percent in Frankfurt trading and was up 3.7 percent at €7.44 as of 9:37 a.m., making it the best performer on the STOXX Europe 600 banking index and the second best on the broader STOXX 600 index.

CHRISTIAN SEWING, chief executive officer of Deutsche Bank AG, addresses the bank’s annual general meeting in Frankfurt, Germany, on May 23, 2019. Deutsche Bank’s leadership on Thursday will face investors exasperated by years of low profit and a falling share price. BLOOMBERG PHOTO

The force field

URING my childhood, I always looked forward to go home early on a Friday after school only to watch my favorite cartoon movie, Voltes 5. The weekly show was nearing its climax when it was abruptly banned. The story has a good twist but what really caught my fascination was the defense system of Camp Big Falcon. On a heavy attack, Dr. Smith will activate the force field. which acts as a barrier or shield to protect the base from the barrage of missiles sent by the Boazanian beast fighter. The force field served as a protection for the base to prevent it from being destroyed. Once the base is destroyed, Voltes 5 will be easier to destroy as it will always be exposed to enemy attack. In the real world, a person will need all kinds of protection to prevent him from being harmed. He needs shelter to shield against nature’s threats. He needs an umbrella to during the rainy season. A politician needs a bodyguard as a shield against threats to his life. A child needs his parents for financial security. In terms of personal finance, nobody can escape the need for protection, just like the fact that nobody can also escape death and taxation. There is only one instrument that can protect everyone financially. It is insurance, an intangible product that the majority of the population avoids talking about due to the feeling of morbidity. How can insurance be similar to a force field? 1. Temporary income replacement. The life blood of the family is the breadwinner. He is the one generating the cash flow to meet the expenses of the family. As long as the breadwinner exists, the family does not need to worry about finances. Assuming the breadwinner is taken out of the picture, cash flow stops. This is where insurance becomes important. As long as the cover-

Edmund Lao

PERSONAL FINANCE age is adequate (usually the estimate is 10 times the annual income), the family he left behind will be able to survive and maintain the same lifestyle as if he is still around. The family will surely miss him, but not his income. At the same time, the family has the luxury of time to find ways to grow the insurance proceed and try to find other source of income. In short, there is no panic. Insurance shielded the family away from poverty. 2. Provide money for estate taxation. When a person passes away, his assets will now be called estate. In death, the estate has to be transferred to the heirs. Note that when assets change hands, the government is always never absent. Every time money or any asset moves, there is a corresponding tax. In this case, the heirs have to pay the government tax to allow them to claim the estate of the deceased. This is called estate tax (sometimes called as death tax). If the deceased is not insured and the heirs are not capable of paying estate tax, the government can later claim it. With insurance, the heirs now have a ready cash to pay the tax without getting a loan or shelling out their hard-earned money. Insurance became a barrier that prevented them from losing their money to the government. 3. Provides money for critical illness treatment. Nowadays, we see a lot of young people diagnosed with grave diseases that previously afflicted the older generation. Progress has its drawback. Our world has become more polluted than before, thanks to the mismanage-

ment of the human race. Getting critically ill is a surefire way to damage one’s personal finance. Health-care cost has dramatically outpaced the growth of income of the majority. Once critical illness strikes, a person’s savings can be wiped out and he may yet end up deep in debt just to be cured. If he is not cured, then he cannot pay his debt back and that spells trouble for the lender. By being insured, he shields himself (and his prospective lender) from headache and financial trouble. 4. Provides payment for home loans. Real-estate is booming nowadays as well as the financing business. Realestate properties are marketed as investments and are offered via financing with a term of 15 to 25 years payment. To minimize risk, real-estate companies require buyers to get a Mortgage Redemption Insurance. This is simply a term insurance that pays the loan balance to the real-estate company in case the buyer dies within the paying period. As this protects the companies, this also protects the family. Upon death, the family need not pay a single cent as the insurance company takes responsibility for all the remaining balance yet unpaid. There is no more need to evict the family for failure to pay. Insurance is a good barrier to minimize the financial impact of the risks becoming real. Always remember that in LIFE, there is always the IF that we need to be shielded from. Don’t you want a force field to protect you the way Camp Big Falcon has? Edmund Lao is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 77th RFP program this August 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 09179689774.

Tuesday, July 9, 2019

BTr awards full P15B on offer in T-bills auction By Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) has awarded the full P15-billion on offer during the Treasury bills (T-bills) auction on Monday, as tenders for the security amounted to P50.5 billion which is more than thrice oversubscribed. National Treasurer Rosalia V. de Leon said on Monday the auction committee decided to award all tenors in its latest T-bills auction as demand was pointed out to be high as a result of the reserve requirement ratio (RRR) cuts from the central bank’s Monetary Board (MB). “We have an excellent turnout in terms of the volume that we received, and given that following the tranche of the RRR cut. And then, obviously, also the supply is very limited. We have downsized our T-bills issuance so the demand is higher but supply is lower,” de Leon said. The 91-day T-bill was awarded the P4 billion offering with tenders amounting to P10.370 billion. The average annual rate for the security settled at 3.883 percent, which posted a 50.2-basis-point decline compared to the previous auction rate of 4.385 percent last June 25. “And then of course an anticipation of a possible rate cut of the MB given the inflation print of 2.7 [percent] last June. And after, also the Fed [Federal Reserve System] talk about a possible cut during their FOMC [Federal Open Market Committee] meeting this July .. . . The Fed will cut this July, 25 basis points is what is being looked at by the market also,” she added. Bids for the 182-day T-bill amounted to P19.150 billion with the auction committee awarding the P5 billion on offer. The average annual rate for the security settled at 4.238 percent, declining by 48.5 basis points, compared to the 4.723 percent last auction. “We have a maturity also of P19 billion this week, so that also adds to the demand, and our supply is very limited,” she said. The 364-day IOU was also awarded the full P6 billion on offer as bids amounted to P20.010 billion. The average annual rate for the security settled at 4.736 percent, showing a decrease of 25 basis points from the previous auction rate of 4.986 percent. In May, the Monetary Board of the Bangko Sentral ng Pilipinas moved to cut its deposit requirement on smaller banks in the system, after earlier cutting the rates for the universal and commercial banks’ RRR. Monetary authorities decided to cut the RRR of thrift banks by 2 percentage points from 8 percent to 6 percent. The implementation dates for the reduction are as follows: 100 basis points effective May 31; 50 basis points effective June 28; and 50 basis points effective July 26, 2019. The MB also cut the RRR of the universal and commercial banks by a total of 2 percentage points. As per implementation dates, about P95 billion will be released by end-May; about P47 billion by end-June 28; and another P47 billion by end-July. Meanwhile, de Leon said the Treasury has already submitted its registration to the Securities and Exchange Commission of Japan for the planned Samurai bond sale this year, adding that the government is eyeing to issue the bond float before the “ghost month” in August. “[After the registration submission, there’s a] number of days that we have to observe, then we have a soft sounding, then we will have a go or no go, whether we will proceed or not based on the market sounding. And based onthemarket sounding, if the pr ice is something acceptable to us, then we will proceed [with the issuance],” she added.

B4 Tuesday, July 9, 2019

HDI ADMIX REMAINS UNPARALLELED IN PROVIDING ADVERTISING SOLUTIONS

F METRO SANITAS CORP. OPENS NEW CLINIC IN THE SOUTH The MetroSanitas Clinic recently opened a new branch at the Festival Mall in Muntinlupa City to cater health-care needs of individuals, families and businesses in the south of Metro Manila. The one-stop-shop ambulatory clinic is equipped with latest technologies in the medical arena and offers top-quality services for general and specialty consulations, clinical laboratory, imaging diagnostics, dental services, outpatient cosmetics, and surgeries and physical-therapy sessions. Present at the branch opening are Andres Licaros Jr., president and chief executive officer of the Asian Hospital and Medical Center, Ambassador of Spain Jorge Moragas; Diego Quintero, Keralty Global vice president for international business development; Anna Lacambra, CEO of Metro Sanitas Corp.; Augusto Palisoc, chairman of Metro Sanitas Corp. and president of Metro Pacific Hospital Holdings Inc.; Martin Paituvi, board member of Metro Sanitas Corp.; and Oslec Lopez, board member of Metro Sanitas Corp. PHOTO BY NONIE REYES

OR more t han 25 years transparency and bringing value to their partners has been the driving force behind HDI Admix. HDI Admix began as a corporate social responsibility (CSR) project initiated by the HDI Stopovers, one of its founding units. This CSR project paved the way for the construction and maintenance of waiting sheds for Filipino commuters, so they would not have to wait for the public transport under the scorching heat of the sun or a heavy downpour of rain. The malasakit that inspired this initiative became an inspiration for HDI Admix’s unparalleled service and be one of the country’s leading outdoor media-advertising companies. SincethenHDIAdmixhassuccessfully established strong partnerships with many of the country’s leading companies, brands and agencies, having worked with over 200 businesses in a variety of industries. The company has helped create business growth for brands by providing them with new channels to run their advertising campaigns, many of which have become buzzworthy and notable marketing programs. T he y h ave a l so b e e n at t he forefront of innovation for outdoor advertising, continuously challenging

the industry to evolve and reach new heights, and offering fresh ways for companies to promote brands and earn the public’s trust. While recent events have placed HDI Admix in a challenging position that aims to put in question these key values, they stand firm in assuring their valued clients, partners and st a keholders t h at t he compa ny shall continue providing the service t hat t hey r ight ly deser ve. T hey remain devoted in fulfilling their commitments in the same way that

they have consistently done for many years since their inception; and will always be there to help their valued customers find the most cost-effective out-of-home advertising solution. The company’s services include billboards, banners, transit ads and digital LED ads in key areas of Metro Manila, and also include concept, activation and event services to make it easy to bring outdoor advertising concepts to life. For inquiries, e-mail at joandeguzman@hdiadventures.com or josecuento@hdiadventures.com.

A.W.I., SCOTTSDALE CORP. BRINGS DAM EASY IN THE PHILIPPINES

LL Weather Industries (AWI), the Irish-owned company founded in 2017; and maker of the revolutionary Dam Easy flood-protection barriers, recently partnered with Scottsdale Corp. to launch its product in the Philippines. Since its launch in Ireland, it almost immediately took its domestic market by storm, especially since the country and its neighboring European countries are prone to floods. “In 2018 our biggest market was the US [United States] with about 60/40 split of commercial to residential although, [currently,] our No. 1 city in the world is Hong Kong, which a 50/50 split. This year the mix is changing as we expand. Mainland Europe is becoming very strong and so is the Middle East,” AWI Chief Executive Officer and cofounder Brian Mooney revealed. Today the Dam Easy is now sold in 28 countries through 21 distribution partners and also available online. In the Philippines Scottsdale Corp. is the sole distributor Easy Dam in the Philippines. Both Mooney and Scottsdale President Cheriza Manalang are one in saying that the Philippines is an ideal market for Dam Easy flood barriers. “The Philippines is at risk for disasters, including floods and typhoons. There are numerous typhoons make landfall here every year.” Manalang noted. And it’s not just households in residential areas that stand to benefit from Dam Easy flood barriers. Data from the Centre for Research on the Epidemiology of Disasters of Belgium revealed that, in 2015 alone, the Philippines experienced a staggering P28.43 billion in economic losses due to flooding. “More and more companies are realizing the considerable losses they incur when their establishments are flooded,” Manalag said. Manalang added that Scottsdale’s growing clientele now includes commercial establishments. “We are talking to financial institutions and studying other means, in which we can bring Dam Easy flood barriers to more homes and business establishments,” Manalang disclosed. For more information, visit www.dameasyph.com.

Sports

MEGAN RAPINOE won the Golden Ball as top player and the Golden Boot as top scorer, and the United States backed up its brashness by winning while simultaneously making a strong statement for gender equity. AP

BusinessMirror

| Tuesday, July 9, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

U.S. WINS CUP: MESSAGE SENT! L

By Anne M. Peterson The Associated Press

YON, France—Megan Rapinoe stood on the field, arms outstretched, striking her now trademark victory pose symbolizing the confidence of a US team that celebrated and savored each triumph at the Women’s World Cup. Rapinoe won the Golden Ball as top player and the Golden Boot as top scorer, and the United States backed up its brashness by winning while simultaneously making a strong statement for gender equity. “We’ve done exactly what we set out to do, done exactly what we wanted to do, said what we feel,” Rapinoe said. “All of us, really. I know sometimes my voice is louder, but everybody is in this together. We’re such a proud and strong and defiant group of women.” The US won its record fourth Women’s World Cup title and second in a row, beating the Netherlands, 2-0, Sunday night when Rapinoe converted a tiebreaking penalty kick in the second half and Rose Lavelle added a goal. Rapinoe scored in the 61st minute after a video review determined Stefanie van der Gragt had fouled Alex Morgan with a kick to the shoulder while competing for a deflected pass in the penalty area. Two days past her 34th birthday, Rapinoe slotted the ball past Sari van Veenendaal for her sixth goal of the tournament. She became the oldest player to score in a Women’s World Cup final. “Getting to play at the highest level of the World Cup with the team we have is just ridiculous. But to be able to couple that with everything on the field and to back up all of those words with performances and to back up all of those performances with words, it’s just incredible,” Rapinoe said. “I feel like this team is in the midst of changing the world around us as we live, and it’s just an incredible feeling.” Lavelle, at 24 the team’s up-and-coming star, added her third goal of the tournament on an 18-yard left-footed shot in the 69th after a solo run from the center circle. “It’s been a long journey. It doesn’t seem real yet. It hasn’t hit me, it’s so surreal, to be part of this group and to play with these players,” Lavelle said. The monthlong journey isn’t over quite yet for players who captured the hearts of a nation. New York City Mayor Bill de Blasio needed just a few seconds after the match to invite the team to a ticker-tape parade up the Canyon of Heroes in Manhattan on Wednesday. Fans, many dressed in red, white and blue, chanted “Equal Pay!” at the final whistle, a reminder players sued the US Soccer Federation in March claiming gender discrimination. The sides have agreed to mediate the lawsuit. Rapinoe drew the ire of US President Donald Trump by saying she would refuse to visit the White House. Trump called out Rapinoe on Twitter, saying she should never “disrespect our Country, the White House, or our Flag, especially since so much has been done for her & the team.” He said he would invite the team win or lose. But shortly after the title game, Trump tweeted: “Congratulations to the US Women’s Soccer Team on winning the World Cup! Great and exciting play. America is proud of you all!” Rapinoe also called out Fifa on the eve of the championship, suggesting soccer’s governing body was not doing enough to grow the women’s game, pointing to unequal prize money and the scheduling of the final on the same day as the championships of the Concacaf Gold Cup in Chicago and the Copa America final in Brazil. Whether unequal treatment from soccer officials will change is uncertain. The Americans’ dominance in France

is unquestioned. They never trailed at the tournament and set records with 26 goals and a 12-game World Cup winning streak dating to 2015. Jill Ellis became the first coach to lead a team to two Women’s World Cup titles, and the US joined Germany in 2003 and 2007 as the only repeat champions. While the US has four titles, Germany is the only other nation with even two. “It’s just

chemistry. They put their hearts and soul into this journey,” Ellis said. “They made history.” Fifa President Gianni Infantino handed over the trophy, a stark contrast to four years ago in Canada, when then-president Sepp Blatter was a no-show as US prosecutors investigated corruption in soccer’s governing body. With confidence that some called arrogance— triggering a backlash that the angry response was sexist— this American team established a standard that exceeded the US champions of 1991, 1999 and 2015, becoming a goal for all others to match. Mia Hamm and Brandi Chastain were among the former American players who joined the current generation for the postgame celebration. Tobin Heath made angels in the fallen confetti. Alyssa Naeher, the 31-year-old who succeeded Hope Solo in goal, faced repeated questions entering the tournament but allowed just three goals and finished with her fourth shutout. The US had scored within the first 12 minutes of its previous six matches but the European champions sat back to keep their defensive shape and kept the score 0-0 through the first half. Video review, adopted by Fifa for the men’s World Cup last year, showed its impact when Stephanie Frappart, the first woman to referee a men’s Ligue 1 match, initially did not call the foul on Morgan, then went to the screen at the side of the field, watched replays and signaled toward the spot. Rapinoe, who missed Tuesday’s semifinal win over England with a hamstring injury, became the first woman to score on a penalty kick during a Women’s World Cup final, her 50th goal in 158 international appearances. She ended the Netherlands’s 317-minute scoreless streak and matched Morgan and England’s Ellen White for most goals in the tournament, winning the Golden Ball based on fewer minutes. Rapinoe was given a standing ovation when she was substituted in the 79th minute. The crowd of 57,900 at Stade de Lyon for Le Grand Finale included France President Emmanuel Macron. Rebounding from a loss to Sweden on penalty kicks in the quarterfinals of the 2016 Olympics, the Americans opened the World Cup with a record 13-0 rout of lowly Thailand, triggering debate over whether the celebrations after each goal were excessive. Carli Lloyd responded the next match by following a goal with a polite golf clap. Then Morgan stirred it up again when she scored against England and celebrated as if sipping tea, pinkie outstretched. Now, after all the memorable drama, they will have a fourth star above the crest on the team’s jerseys and a higher platform to advance their cause. “It’s something that we’ve worked so hard for. All of us, individually, have just faced so much adversity through this whole journey,” Morgan said. “We’ve been tested individually and collectively so much. So to see, four years ago, us go from two to three, and now three to four, it’s really a dream come true.”

BRAZIL beats Peru to win first Copa América title since 2007. AP

NO NEYMAR, NO PROBLEM FOR BRAZILIANS AT COPA R

IO DE JANEIRO—Brazil didn’t need Neymar to win another Copa América title at home. With its injured star watching from the stands at a packed Maracanã Stadium on Sunday, Brazil beat Peru, 3-1, to win its first South American title since 2007. It was Neymar’s replacement, Everton, who led the team to victory, scoring a goal and setting up another to give Brazil its ninth Copa América trophy, and fifth at home. Gabriel Jesus and Richarlison also scored for Brazil, which has won the title every time it hosted the tournament. “I gave everything I had today,” said Everton, who was voted player of the final and also finished as one of the tournament’s top scorers with three goals. “Who would have thought that Everton would be playing in the final and would be named the man of the match,” Brazil Coach Tite said. Neymar, who was ruled out before the tournament because of an ankle injury, sat with his son close to Brazilian President Jair Bolsonaro among the crowd of nearly 70,000 at the Maracanã. “Neymar is extraordinary, he’s a top 3 player,” Tite said. But “with teamwork we stayed strong.” Brazilian fans had some reason to worry after Gabriel Jesus was sent off in the 70th minute because of a second

yellow card, but Peru couldn’t pull off one last upset after eliminating Uruguay in the quarterfinals and two-time defending champion Chile in the semifinals. “Brazil deserved the victory,” Peru Coach Ricardo Gareca said. “We played better than we did in the previous match. We have improved as a team. We still have to improve more, but we are on the right track.” Peru, which had been routed 5-0 by Brazil in the group stage and barely avoided early elimination, was trying to win its first Copa América trophy since 1975 and just its second overall. It hadn’t returned to the final since 1975. The victory helped Brazil to regain the confidence of some supporters following its quarterfinal exit at the 2018 World Cup in Russia. It will also ease some of the pressure on coach Tite, who had been criticized for his selections and the team’s lackluster performances. Brazil hadn’t made it past the quarterfinals of the Copa América since beating Argentina 3-0 in the 2007 final in Venezuela. It didn’t even get past the group stage in 2016. The last time it won the Copa América at home had been in 1989, when Romário scored the winner against Uruguay at the Maracanã. Brazil’s only other trophy since 2007 came in the 2013 Confederations Cup, also at home.

Brazil arrived as a heavy favorite but it was an even match from the start, with the hosts not being able to press too much despite being urged on by most of the crowd at the Maracanã. Everton opened the scoring in the 15th from close range after a well-placed cross by Gabriel Jesus, who made a surging run down the right flank. “I’m happy with the goal and with the penalty in the end,” Everton said. “I have to thank my teammates for helping me finish as a top scorer.” The 23-year-old Everton was elevated to the starting lineup after Neymar was ruled out and his initial substitute, David Neres, struggled in the first couple of matches. Veteran striker Paolo Guerrero equalized with a 44th-minute penalty after a handball by Brazil defender Thiago Silva. The goal allowed Guerrero to become the Copa América’s all-time leading scorer among active players with 14 goals. It was the only goal conceded by Brazil in six games. Gabriel Jesus put the hosts ahead again in the third minute of first-half stoppage time with a low shot after an assist from midfielder Arthur. Peru tried to take control after Gabriel Jesus was sent off for a hard foul on an opponent, but the visitors were not able to create many significant chances. Brazil sealed victory when Richarlison, who had missed a few matches because of the mumps, converted a penalty kick in the 90th after Everton was fouled. Both penalty kicks had to be delayed for video reviews. Brazil’s veteran right back Dani Alves was voted the player of the tournament. AP

Spo

Business

C2 Tuesday, July 9, 2019

Muntinlupa VC dominates Tanduay Athletics volleyball tilt

UNTINLUPA Volleyball Club (MVC) swept the Philippine Volleyball Federation (PVF)Tanduay Athletics Beach Volleyball U15 and U18 Tournament over the weekend at the Tanduay Athletics Volleyball Center in Taguig City. Anderson Detablan coached the victorious MVC girls’ teams, while Cico Francis handled the champion boys’ squads. Detablan is a PVF certified and licensed coach having undergone and passed a rigid four-day PVF National Coaching Course last year at the Cantada Sports Center with Coach Otie Camangian as resource speaker. Saint Thomas More Academy of Bacoor (Cavite) finished in the U15 girls division, while University of the Cordilleras in Baguio City topped the U18 girls division. Jose Fabella Memorial School in Mandaluyong placed runner-up in U18 boys division and Rizal High School in the U15 boys division in the weekend event supported by Lucio “Bong” Tan Jr. and Tanduay Athletics.

A total of 64 young players, accompanied by their chaperones—the organizers required adult chaperones for each participating team as the players are 17 and younger— participating in the one-day event organized by the PVF under the association’s grassroots development program. The tournament was free and supervised by competent PVF officials including PVF’s International Volleyball Federation international referees and national referees. Complimentary Vitamilk Double Choco drinks, Nestea and mixed fruit drinks from the Tanduay Athletics sampling team were served all day. DURANT

FORUM ON D-LEAGUE

HE coming Philippine Basketball Association Developmental League second conference and the national men’s boxing team preparations for the 30th Southeast Asian Games are the topics in Tuesday’s session of the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila. D-League officials Mauro Bengua and Rosc Teotico will accompany Centro Escolar University’s Derrick Pumaren, Technological Institute of the Philippines’ Potit de Vera, and representatives of Sumisip Basilan-St. Clare and Marinerong Pilipino as they talk about the tournament set to kick off on July 23. Boxers Eumir Marcial, John Marvin and Ian Clark Bautista together with Coach Roel Velasco make up the other half of the session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp. to discuss the team’s preparation for the SEA Games this December. Alliance of Boxing Association of the Philippines Secretary-General Ed Picson was also invited to the 10 a.m. session.

FTER posting back-to-back victories, Foton marches to war anew as it tackles dangerous Cignal in the Philippine Superliga All-Filipino Conference on Tuesday at the Bacoor Strike Gym in Bacoor City. Action kicks off at 7 p.m. with the Tornadoes hunting their fourth win to keep their spot at the upper half of the standings. Petron and Generika-Ayala, meanwhile, clash for solo second spot in the 4:15 p.m. match. With Filipino-American Kalei Mau delivering the goods, F2 Logistics remains on top of the standings with six straight victories, while Petron and GenerikaAyala are tied for second with a 4-1 win-loss record. Foton is at third with 3-3 while Cignal and PLDT Home Fibr are trying to catch up with 2-3 and 2-4 cards, respectively. That makes the battle between Foton and Cignal exciting as the Tornadoes are looking to stretch their winning streak to three to join the heavyweights on top of the leaderboard. Tornadoes Coach Aaron Velez said they

Tornadoes take on Cignal gals FILIPINO-AMERICAN Kalei Mau is delivering the goods for F2 Logistics.

won’t take the HD Spikers lightly, knowing that they have a deadly brew of veterans in Rachel Anne Daquis and Jovelyn Gonzaga, and young guns in Mylene Paat, Alohi Robins-Hardy, May Luna and Norielle Ipac to carry the load. “We’re taking it slowly and surely. We don’t want to rush ourselves or get top excited,” said Velez, who will bank anew on his tall frontline bannered by Jaja Santiago, Elaine Kasilag, Dindin Manabat and Maika Ortiz. “It’s good that we’re back on track, but it’s still too early to celebrate. What we need is to

put in work and the results—good or bad— will surely follow,” Velez added. In their previous game, Santiago, Kasilag and Ortiz made good use of their ceiling as they came up with 13 blocks that pushed the Lady Skippers out of their comfort zone en route to an easy win in just 74 minutes of action. Santiago and Kasilag had 12 points apiece, while Ortiz finished with 11 markers. “It was a win that gave us the momentum,” Velez said. “We’re facing Cignal with high morale. We have to work hard to pull it off and keep this streak going.”

DURANT OFFICIALLY JOINS NETS

AS VEGAS—The deal bringing Kevin Durant to Brooklyn is official, and he’s changing his number along with his address. The Nets completed a sign-and-trade with the Golden State Warriors on Sunday night, with Brooklyn landing Durant and a protected first-round pick in next year’s draft for D’Angelo Russell, Shabazz Napier and Treveon Graham. Durant said last week he would sign a max deal with Brooklyn, which would be $141 million over four years, after three seasons with the Warriors. The rest of the deal was worked out over subsequent

days, and the National Basketball Association (NBA) signed off on the terms on Sunday. “Along with the rest of the league, our coaching staff has long admired Kevin’s incredible skill, resilience and tenacity,” Nets Coach Kenny Atkinson said. “He has already established himself as a champion and one of the best players of alltime, and we couldn’t be more excited to welcome him into our program in Brooklyn.” Durant isn’t expected to play at all next season while he recovers from an Achilles injury. When he does return to join a new-look Nets team

that added Kyrie Irving as well this summer and officially signed him on Sunday, he’ll wear No. 7—after playing in No. 35 throughout his career. Durant released a statement saying he wore 35 to honor someone “very near and dear” to him. “But as I start this new chapter in my basketball life, the number I’ll be wearing on my back is the Number 7 next time you see me on the floor,” Durant said. Durant is a perennial All-Star and two-time NBA champion after winning Finals MVP honors with the Warriors in 2017 and 2018. He’s a four-time scoring

champion and his 22,940 points ranks third among active players. He missed most of this past season’s playoffs, first with a calf injury and then the Achilles rupture during the NBA Finals—a series Golden State lost to Toronto in six games. “We’re thankful to Kevin for the incredible things he did for our team and franchise during his three years with the Warriors,” Golden State General Manager Bob Myers said. Russell got a $117 million, four-year contract from the Warriors. He was an All-Star for the first time last season, averaging 21.1 points, 3.9

rebounds, 7.0 assists and 1.2 steals per game. “We’re excited to add a player of D’Angelo’s ability to our roster,” Myers said. “He’s coming off an All-Star season with the Nets and we feel, at the age of 23, his best basketball is certainly ahead of him in regards to his career trajectory.” Another big free-agent deal got done on Sunday when Utah completed the signing of forward Bojan Bogdanovic to a four-year, $73 million contract. “We are very pleased to welcome Bojan and his family to our organization,” Jazz Executive Vice President of Basketball Operations Dennis Lindsey

said. “His ability to play both ends of the floor in addition to his exceptional shooting will make him an integral contributor to our franchise and our postseason goals.” Former NBA MVP Derrick Rose also completed his signing with Detroit on Sunday, wrapping up a $15 million, two-year deal. Many other agreed-upon deals remain pending, such as Kawhi Leonard’s signing with the Los Angeles Clippers and the blockbuster trade that will see Paul George join him via a trade with the Oklahoma City Thunder. AP

orts

sMirror

Tuesday, July 9, 2019

BATTLE

EAGLE ACE SUPERAL poses with her gigantic trophy.

SUPERAL, MALIXI TRIUMPH IN CALIFORNIA T

OF ACES ON A

STAR-STUDDED international field of 112 pros, including all of the country’s top guns, set out for an explosive start in the International Container Terminal Services Inc. (ICTSI) Manila Southwoods Championship on Tuesday at the Legends course in Carmona, Cavite. A select pro cast tested the bunker-laden layout in the heat and rain in yesterday’s pro-am tournament, most hinting at a run of under-par scores, some intimating of a tougher, challenging outing and others remaining wary of what lies ahead in the next four days of this $100,000 championship. “The course looks tough, especially with the erratic weather conditions. The ball would be heavy,” said Jay Bayron, who ruled this event serving a leg of the Philippine Golf Tour (PGT) Asia with a whopping 26-under total last year. But what concerns most of the bidders in this third leg of the region’s emerging circuit put up by ICTSI is the depth of the competing field with the likes of Angelo Que and Miguel Tabuena taking time out from their campaigns abroad to beef up the local roster headed by the red-hot Juvic Pagunsan. “It’s difficult to feel so confident. The field is strong, anybody can go low at any given day,” said 2017 PGT Order of Merit winner Clyde Mondilla, on a comeback from a recent injury that hampered his campaign after emerging the surprise winner in the Solaire Philippine Open at The Country Club last April.

“I’ll just play my game,” added the Del Monte ace, who also hopes to recall the form that netted him a one-stroke victory over Tabuena and Tony Lascuña here in 2017. “It’s going to be interesting. Despite the condition of the course, especially the thick roughs, I think a 20-under score will win here,” said American Lexus Keoninh, a three-year local campaigner due for a big finish in the circuit organized by Pilipinas Golf Tournaments Inc. and backed by PLDT Enterprise Meralco, BDO and PGT Asia official apparel Pin High. Jobim Carlos also joins the hunt for the top $17,500 purse with the reigning PGT OOM champion coming into the 72-hole championship brimming with confidence with a form toughened up by a recent stint in Japan following a hand injury that forced him out of a number of local tournaments. Namchok Tantipokhakul and Wisut Artjanawat are also expected to stir up interest in the next four days, both looking to sustain Thailand’s big start in the circuit after the former topped the kickoff leg at Luisita last April and the

WO Filipina rising stars primed up for this week’s Junior World as Eagle Ace Superal and Rianne Malixi ruled their respective age-group divisions in varying fashions in the 12th Future Champions Golf (FCG) International Championship at the Singing Hills Golf in El Cajon, California, last Friday. Superal showed some spunk and pulled through in a pressure-packed finish, hitting a clutch birdie on the par-5 No. 7 for a huge three-shot swing to salvage an even-par 71 and foil Chinese-Taipei’s Chun-Wei Wu by three in the girls’ 13-14 division with a 141 total. Wu, who double-bogeyed the seventh, ended

JAY BAYRON will be out to repeat as champion at Southwoods.

latter winning the first PGT Asia cosanctioned event in Taiwan last May. But none could be as celebrated as Pagunsan, easily the hottest player from among the stellar cast, who is coming off a sweep of three events in the Visayan swing of the PGT last month. The region’s former No. 1 skipped the proam event but remains a top favorite given his talent and skills that won him a pair of runaway triumphs in Bacolod and a playoff feat over Michael Bibat in Iloilo.

PHL dribblers finish 14th in Fiba U19 G

KATROPA WIN Blackwater’s Allein Maliksi is stopped on his tracks by TNT’s Troy Rosario during their Philippine Basketball Association Commissioner’s Cup game on Sunday night at the Smart Araneta Coliseum. The Katropa won, 115-97. NONOY LACZA

Free agency terms VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS THERE’S a certain calmness around the National Basketball Association (NBA) after the flurry of trades, signings and releases. An air of parity pervades and shadows the league after its best players switched teams, which could only mean good things after years of super teams winning division and conference championships and playoff games. There are at least 10 teams capable of winning this coming season’s championship and there are dark horses who will spring surprises and create a lot of noise both in the regular season and playoffs. There are people out there, including yours truly, who do not fully understand and grasp the

meaning of terms and words associated with NBA free agency like buyout, luxury tax, unrestricted free agent, restricted free agent and salary cap. Salary cap—an agreement or rule that places a limit on the amount of money that a team can spend on players’ salaries. It exists as a per-player limit or a total limit for the team’s roster, or both. Several leagues have implemented salary caps, using it to keep overall costs down, and also to maintain a competitive balance by restricting richer clubs from entrenching dominance by signing many more top players than their rivals. Luxury tax—an ostensible purpose of this “tax” is to prevent teams in major markets with high incomes from signing almost all of the more talented

ILAS Pilipinas Youth settled for 14th place after losing to New Zealand, 8672, in its final game in the International Basketball Federation (Fiba) Under-19 World Cup on Sunday evening in Heraklion, Greece. The towering duo of Kai Sotto and AJ Edu and the availability of the best teen talents brought overwhelming confidence in the country’s return to the U19 centerpiece since 1979. But fate quickly turned into misfortune after Edu suffered a tournament-ending ACL and meniscal tear right in the team’s first game. It didn’t help that the Filipinos were grouped against higher-ranked opponents— Greece, Argentina and Russia. The lack of experience was evident in Gilas’s 1-6 win-loss record. The squad had many chances of completing huge upsets, but the Filipinos just couldn’t throw the finishing kick. In its final classification match, the team stayed within striking distance of the Kiwis in the final quarter after trailing for most of the game. The Filipinos threatened at 67-70 on Dave Ildefonso’s two free throws with 1:28 left in the game. But the match belonged to New Zealand with Oscar Oswald sinking a triple that sparked a 9-0 windup by the Kiwis. Carl Tamayo topscored for the team with 24 points and 12 rebounds, while Ildefonso and Dalph Panopio chipped in 16 points each. As a consolation, Gilas returns home with a lone win—an 86-72 win over China. Ildefonso led the team in scoring by averaging 16.6 points along with 5.4 rebounds and 3.7 assists. The 17-year-old Sotto, meanwhile, still impressed with averages of 11.7 points and 7.9 boards. Ramon Rafael Bonilla players and hence destroying the competitive balance necessary for a sport to maintain fan interest. Restricted free agent—it is a type of free agent in the major sports leagues in the US. Such players have special restrictions on the terms under which they can retain or change employment status with their athletic club teams. Unrestricted free agent—according to nba. com, an unrestricted free agent can sign an offer sheet with any team he or she chooses. nnn

THE United States women’s football team clinched its fourth World Cup after beating the Netherlands, 2-0. The win gives the team further ammunition and reasons to push for equal pay. I’m all for equal pay between the men and women teams, but we have to consider the economics. More people watch the men’s World Cup and there are more sponsors so the men’s competition makes more money, which is why they’re paid more, but it’s still not an excuse for unequal pay, especially now that the women have won four World Cups to zero for the men. The US Soccer Federation must figure out a way for equal pay.

up with a 74 for a 144. Malixi earlier completed a wire-to-wire triumph in the 11-12 play as the reigning Philippine Amateur Open overall champion fired a 69 and 71 for a 140 and routed US-based Thai Natrada Pongsasin (70-74) and Arianna Lau (71-73) of Hong Kong by four. Wu matched Superal’s opening 70 and the duo, teeing off at the backside of the par-71 Willow Glen, remained tied with eight holes left in the 36-hole championship before the Taiwanese pounced on The Country Club mainstay’s bogey on No. 2 to take command. But after both traded bogeys on No. 5, Superal birdied the par-3 No. 6 from 6 feet and surged ahead as Wu three-putted for bogey. Gaining control and momentum, the younger sister of former US Girls’ Junior champion Princess hacked a solid drive on the next hole to set up an easy birdie then watched her

P.O.C. GETS BALL ROLLING FOR POLLS By Ramon Rafael Bonilla

HE Philippine Olympic Committee (POC) Executive Board appointed on Monday former Commission on Elections Commissioner Rene Sarmiento to head the election body that will supervise the election for four vacant positions in the board. Also appointed by the board were Fr. Victor Calvo of Letran and a representative from the Philippine Dispute Resolution Center Inc. The election is set on July 28 as ordered by the

International Olympic Committee (IOC). Six members of the POC board met on getting the ball rolling for the special elections for the position of president, chairman and two board seats. They were Robert Manangquil (billiards and snookers), First Vice President Joey Romasanta, Second Vice President Jeff Tamayo, auditor Jonne Go (canoe kayak), board member Prospero Pichay (chess) and IOC representative Mikee CojuangcoJaworski. Treasurer Julian Camacho (wushu) joined the deliberation via teleconference.

rival succumb to pressure and holed out with a 7. “Ace took a gamble on No. 7, crossing the lake off the mound that left her with 180 yards to the green and made the birdie. It was a bold move but she did it and earned a three-stroke lead,” said Team TCC Coach Nestor Mendoza. Not even a three-putt miscue on the 17th could shake off Superal, who hit a perfect drive on No. 18 and set up an easy par to wrap up her first major junior crown, which Princess also won back in 2010. Superal and Malixi’s victories should augur well for their campaign in the Junior World, which gathers the world’s leading and rising agegroupers, beginning Tuesday. Vito Sarines, meanwhile, fell short by one to Benjaming Dong in the boys’ 6-and-under division as the Las Piñas City bet pooled a 133 on 65 and 68, as against the Chinese bet’s 67-65 for a 132. The members of the election committee will be confirmed during the Extraordinary General Assembly ordered by the IOC on July 18 at the Manila Golf and Country Club. There could have been three more vacant seats in the board but Romasanta, Go and Camacho retracted their verbal declaration to resign during the POC meeting last June 25. Richard Gomez (fencing) raised the issue during that meeting to declare all positions in the board vacant but only Rep. Abraham Tolentino (cycling) and Cynthia Carrion (gymnastics) kept their word. Ricky Vargas has since vacated the presidency. The POC election committee will screen the aspirants for the vacant positions. Tolentino has declared his intention to run for president and hinted at Robert Aventajado (taekwondo) to be his running mate for chairman.

THOMAS MAKES PRESENCE FELT TEAM Ineos strains during the second stage of the Tour de France on Sunday. AP

Sports BusinessMirror

| Tuesday, July 9, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Samuel Petrequin The Associated Press

RUSSELS—Just two days into the Tour de France, Geraint Thomas is already putting daylight between himself and some of the riders dreaming of dethroning the reigning champion. Thomas, who claimed his first Tour win last summer, answered questions surrounding his form and fitness in a dominant fashion during Sunday’s short team time trial around the streets of Brussels. His Ineos team did not win the stage but the 33-year-old Welshman gained precious seconds on rivals, including French duo Romain Bardet and Thibaut Pinot, former Tour champion Vincenzo Nibali, climber Nairo Quintana, Adam Yates and Jakob Fuglsang. Thomas arrived at the Tour on the back of a rather mundane season and no victory to his name. Even worse, he crashed out of his final preparation race last month, and endured another setback, though minor, when he was caught in a pile-up near the finish of Saturday’s opening stage. With the No. 1 bib on his back, Thomas, a former track specialist, showed no signs of weakness following his spill. He took solid turns at the front and led his teammates across the finish line close to the Atomium, the iconic Brussels monument built for the 1958 World Fair. The only team riding faster than Ineos on Sunday was the Dutch outfit Jumbo-Visma, which covered the 27.6-kilometer course in 28 minutes and 58 seconds, keeping the yellow jersey on Mike Teunissen’s shoulders. They were 20 seconds faster than Thomas and his teammates, with Deceuninck Quick-Step completing the podium, 21 seconds off the pace. “Looking at GC [general classification], it’s a good performance,” said Thomas. “It was a positive day for sure.” Teunissen’s teammate Steven Kruijswijk is now the best placed overall contender, who sits third overall with a 20-second lead over Thomas and Egan Bernal, the coleader at Ineos this summer in the absence of four-time champion Chris Froome. Even without Froome—the dominant Grand Tour rider in recent years and an expert in the race against the clock—Ineos was still able to replicate its result from last year’s team time trial. Dylan van Baarle, who replaced Froome in the team, was up to the task and there was no weak link on the road. “We took some time on some good GC riders today, so it was perfect for us,” Bernal said. Before the race leaves Belgium on Monday, Thomas and Bernal gained 12 seconds on Pinot, 16 seconds on Nibali, and 21 seconds on Yates and Fuglsang. They opened more significant gaps with Quintana (45 seconds) and Bardet, the day’s big loser who conceded 59 seconds. After rolling down first from the start ramp near Brussels’s Royal Palace, Ineos riders stayed in the lead for two hours until JumboVisma, the last team to set off, bettered their time in an impressive performance. Putting on a well-choreographed display, the Dutch team’s riders covered the route at an average speed of 57.2 kph, close to the record of 57.8 set by Orica-GreenEdge when they won the 2013 team time trial on a similar distance. “We went hard from the start. We heard we were the fastest.... We were flying,” Teunissen said. The first Dutch rider to wear the race leader’s jersey in 30 years, Teunissen was a surprise winner of Saturday’s opening leg. Surrounded by teammates best-suited for the flat terrain, including former time trial world champion Tony Martin, Teunissen did not play second-fiddle in his aerodynamic skinsuit and helmet. “Yesterday it was a dream come true, and it’s the case today again,” he said. “It’s not that I’m getting used to winning stages at the Tour de France but it’s two out of two now and it’s really, really nice.” Teunissen now leads teammate Wout Van Aert by 10 seconds in the general classification. Jumbo-Visma riders monopolize the five top spots, with Kruijswijk in third place. After two days in Belgium, the peloton will enter France during Monday’s Stage Three, which leads riders from the Belgian town of Binche to Epernay in the Champagne region.

COCO STAYS CALM, FOCUSED

A COUPLE kisses by a billboard advertising the Wimbledon Tennis Championships on Sunday, as teen sensation Coco Gauff prepares for her next match. AP

IMBLEDON, England—Mom and racket-holding Dad joined two coaches and a hitting partner at Coco Gauff’s practice session on a cloudy Sunday afternoon at the All England Club as the 15-year-old American prepared for what could be the toughest test yet of her hard-to-believe Grand Slam debut. A qualifier who is ranked 313th and the youngest player to make it to Week 2 at Wimbledon since Jennifer Capriati in 1991, Gauff put in extra work on her forehand as she got ready to face former No. 1 Simona Halep in the most-anticipated matchup of the fourth round when the tournament resumes Monday. “I don’t know a lot about her,” said Halep, the 2018 French Open champion. For all that she’s already accomplished over the past one-and-a-half weeks—including a victory over seventime major champion Venus Williams—and all of the attention she’s received—messages via social media from Michelle Obama, Beyonce’s mother and singer Jaden Smith thrilled her the most—what truly stands out about Gauff is her composure, both on and off the tennis court. “You can kind of fake it ‘til you make it,” said Gauff, who lives in Delray Beach, Florida. “But I’m not faking it, at least right now.” She was never overwhelmed by facing Williams, someone she has grown up admiring. She spoke about resetting her mind after that, and won her next match in straight sets, too, against a past Wimbledon semifinalist. And in the third round, at Centre Court of all places, Gauff was not bothered by twice being a point from losing. “My parents are just telling me to stay calm, stay focused, because the tournament is not over yet,” Gauff said. “That’s why I’ve been kind of celebrating the night after the matches, then the next day back to practice.” That’s the sort of levelheadedness that could help her turn what right now is a brief, magical run into a

lengthy, successful career. “This is the easy part,” said Tracy Austin, who watched part of Gauff’s training session. “As she said, before she played Venus, she had one little boy ask her for a picture. And then after she beat Venus, everybody wanted her autograph, which is great, but just shows how well-known she is. And with that, now come all the expectations.” Austin can relate. She turned pro at age 15 in October 1978 and won her first professional singles title that month. A year later, at 16, she reached the semifinals at Wimbledon, then beat Martina Navratilova and Chris Evert along the way to becoming the youngest US Open champion in history. She won that major championship again two years later. “I just really hope that she has solid people around her, meaning her parents—they seem amazing—and coaches, agents, that make sure she just goes slow enough. You don’t need to grab everything. Make sure she has time to just be a kid. Carve out enough time for her to be a kid,” said Austin, who at 29 became International Tennis Hall of Fame’s youngest inductee. “You can’t do all the endorsements. You’ve got to pick certain ones. First and foremost, she’s a tennis player who is coming into her own. And I hope the media, because she’s had great success here, doesn’t push her too fast and expect too much, too soon,” Austin said. “She’s still developing. She’s got 15 years ahead of her, if she wants. Maybe 20 years.” Austin noted that the Women’s Tennis Association now does “a much better job” of guiding younger players than in her day, because, “I was kind of the first one that came along, so it was kind of a surprise. No one was well-equipped with advice.” AP

For Tour riders, eating on the job key to winning B

RUSSELS—At the Tour de France, there are two types of eating. There’s food for pure pleasure, consumed with gusto by those who follow the race for three weeks through French regions heaving with edibles. And there’s food for fuel, gobbled hungrily on and off the saddle by the riders whose chances of winning can be damaged by not eating scientifically. Jakob Fuglsang, a 34-year-old Danish rider among the favorites to win this Tour that on Sunday saw Dutch team Jumbo-Visma power to victory in a time trial in skintight race suits, says he’s a prime example of how understanding the role of food can make a difference between contending and seeing rivals race off ahead. In finishing only 12th at the Tour of 2018, Fuglsang says he repeatedly felt himself running short of oomph, partly a consequence of unbalanced nutrition. “I felt like I had energy for one hour of full-gas racing, and after that I was just empty, I didn’t have the power that I needed,” he said in an interview with The Associated Press. Now, with nutritionist Marcel Hesseling advising him what to eat, when, and in what amounts, Fuglsang is having a standout season. The leader of the Astana team warmed up for his ninth Tour by winning the Dauphine stage race in June. About food-fueling, he’s talking like a new man, a convert to Hesseling’s diet regime “to make sure that what you burn, you also get back in.” “I feel that even when we come to the last hour of the race, I still have power,” Fuglsang says. Hesseling says his eating plans for Fuglsang are detailed right down to the hour for big mountain stages that come in weeks two and three of the Tour. The exertions of scaling peaks at altitude could see the rider burn through 8,000 calories in a stage. Having studied Fuglsang’s training rides and the amount of power he generates, Hesseling says he’s calculated “how much he has to eat in advance of the race, and how much he has to eat and drink during the race.” “So he knows exactly how much he has to eat each hour,” Hesseling told the AP. Fueling in the saddle includes rice cakes, switching to highenergy drinks and gels for the furious ends of stages. But fueling has to be pleasurable, too, so riders don’t get tired of the piles of food they consume for their 3,480-kilometer trek through Belgium and France. Some are so ravenous after a day’s racing that they wolf down plates of rice and other carbs almost immediately after climbing off their bikes. Robert Gorgos, nutritionist on the Bora Hansgrohe team, says his diet plans aim to keep the riders’“brains healthy, too,” so they don’t get bored of meal-times. For Sunday’s time trial, where teams sped one after another on a 27.6-kilometer course through Brussels, Gorgos had the team cook prepare a light meal for the riders three hours before they mounted their aerodynamic bikes, so “they don’t lose any energy digesting and have all the energy for the short, very highintensity” race against the clock. Jumbo-Visma’s win in the Stage Two time trial meant its rider Mike Teunissen kept the yellow jersey. AP

Gracious God

EAR God, You bring us comfort when we are brought low. In trust we pray: Remember Your word to Your servant, oh God. Grant understanding, insight and wisdom to Pope Francis, bishops and all who preach the Gospel. Inspire those who are discerning a call to religious life, the priesthood or the deaconate. Enrich the lives of those who engage in a new job, living situation or relationship. May God bless us with loving and generous hearts, through Christ, the servant of all. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

Life

CIRCLES: BRIGHT, SUNNY DAN D4

BusinessMirror

Tuesday, July 9, 2019

A look at real estate’s new crown jewel By PaUline JOy M. gUTieRReZ

FROM left: Federal Land General Manager Thomas F. Mirasol; SM Engineering, Design, and Development President Hans “Chico” Sy Jr.; W.V. Coscolluela & Associates Senior Partner Gary L. Coscolluela; and Crearis Environmental Design General Manager Michael V. Espiritu

HEN it seems that every conceivable piece of property in Makati City has been developed and turned inside out, The Estate Makati, an ultra high-end residential development by the Sy-led SM Development Corp. and the Ty-led Federal Land Inc., is a siren song to urban dwellers with very deep pockets yearning to escape the city’s madness. No doubt, this elusive fusion of exclusivity, seclusion and location also comes with a steep price tag. Around P600,000 per square meters (sq m), in fact—making it the most expensive condominium development in the country to date. Designed by Stirling Prize-winning British international architecture and engineering firm Foster + Partners, The Estate is set to rise on a 3,500 sq m lot on Apartment Ridge, the last available plot of land in Makati, and will be the tallest along Ayala Avenue at 270 meters. The entire development is elevated by three meters, or approximately one story, above street level. It has a total of 188 residential units comprising of spacious 151 sq m two-bedroom flats to sprawling multilevel 763 sq m super penthouse suites. As of June this year, it is already 40 percent sold out, with eight penthouse units worth roughly P400 million, each already disposed of ahead of the project’s official launch. What fuels this strong demand, said Hans “Chico” Sy Jr., president of SM Engineering, Design and Development, is mainly because the development will bring many firsts in the Philippine real-estate industry. For one, the units have the same appreciation rate of landed properties in prime locations in the Metro. “When we started The Estate Makati, the biggest question was: What was it about apartments today that don’t really appreciate very well in market value? The challenge was simple—find out what was it about residential lots that made them escalate in value. We challenged each other on that point. What was it we could do to ensure that this was not just another residential project, that this was a true investment,” he said during a briefing in Makati City on June 24. Sy added, “If there’s one thing that the residents of, say Forbes Park, what they truly appreciate is exclusivity—that no matter what, beyond those gated villages, they are safe, they are not exposed.” This ultimately shaped the vision for ST 6747 Resources Corp.—the joint venture between companies of the Sy

and Ty families. Gary L. Coscolluela, senior partner at W.V. Coscolluela & Associates and local architect consultant for The Estate Makati, noted that the entrance of the building will have an overarching canopy of a variety of native trees, and the plinth (the platform where the tower sits) will mimic the limestone cliffs of the islands in Palawan. “The first thing you’ll notice in the building or the landscape is the estate look. It’s a green screen that provides the residence their privacy.” “We wanted an experience that the moment you go past security, the formality, you are home,” added Sy. According to him, privacy was also the key to the lobby’s design. Instead of a grand main lobby, The Estate will have private lounges where residents can entertain guests. “We wanted a space [for those] who feel a little uncomfortable bringing guests into their private space. So, if you just had a guest that you needed to meet, just bring them to a nice little corner and transact your business and still maintain that sense of exclusivity,” Sy said. Furthermore, “even if you’re a resident, sometimes you just feel like you want to be part of the community, as well.” The elevated pool on the second level will have an overhanging canopy to strategically protect the residents while simultaneously affording them of a panoramic view of Urdaneta Village. Residents can have access to private function rooms,

as well as gym and yoga facilities for one-on-one sessions. There is also a wine lounge, which offers bottle-keeping services for residents. While the units don’t have balconies, there is a Sky Garden on the 25th floor. For Foster + Partners, the design process of The Estate started by studying the topography of Makati, including the patterns of the sun and wind. As Perry Ip, one of the project principals, said, it’s a building “literally shaped by the sun,” which meant orienting the structure in such a manner to minimize exposure to the sun’s rays. “As the sun in the Philippines is quite strong, we designed the windows to be angled a certain way so that sunlight doesn’t spill into the unit while still providing enough light, and without compromising the breathtaking views of the Makati skyline,” said Luke Fox, head of studio and senior executive partner who is leading the project. The firm also used doubleglazed windows throughout the structure to reduce heat and noise penetration. Further addressing the effect of the sun, they created a cross-shaped building. From its core extends each of the four wings, making each unit a covetable corner unit. The façade overhang of about 1 meter extending from the structure between every floor means that the building provides its own shade. The building also uses double-slab technology.

By concealing things like utilities, plumbing, and electricals in between double slabs of concrete, the unit layout can be customized according to the wishes of the homeowner. In terms of design flexibility, the building’s concept of “inhabited façades,” where the main window areas have been skewed by more than 10 degrees, makes the residents’ space face away from their neighbors. Due to the building’s orientation, views from either the Ayala Avenue or Apartment Ridge Road side (facing Urdaneta Village) are easily accessible, even from the lower floors. On the uppermost levels, the nearly 270-degree views of the city await owners. “No unit is ‘weak’—we took into account every unit and asked ourselves is this unit ‘weak’? What would make people think this unit is subpar compared to the others? Making sure every aspect has been carefully considered, the level of detail of this project is far, far more developed than your typical condominium development...foster is involved in every detail in this building. We expect to deliver an edifice that is truly world-class,” Sy said. The elevators are spacious, one large enough to accommodate a horizontally oriented stretcher in the event of a medical emergency. Should any of the residents require immediate treatment, the building’s helipad can be used to transport them to the nearest hospital. Gearing up for the future, the building’s parking facility is equipped to handle electric vehicle charging needs, with a charging point provision for each unit owner. Human touch has also not been overlooked. Guided by the philosophy of “The house receives, the house provides,” all the benefits of living in a serviced residence or apartment are taken to the next level. The Estate’s staff takes care of daily tasks, such as receiving residents’ food and mail parcel deliveries, and can accommodate requests that include housekeeping, catering and laundry needs. “The Estate, like anything else, is a reflection of who you are. From the moment you arrive, it’s already saying something about the people who live there, what their values are. The nice thing about this project is that it is so specifically designed for a certain clientele in mind—they appreciate these things. There’s something great about living in a high-rise condo: you want all the luxurious amenities, the services, but you also want that privacy. You can be part of something amazing but feel like you are the only person there,” concluded Thomas F. Mirasol, general manager of Federal Land Inc. n

All-green woodland gardens can provide serenity ALL-GREEN gardens are becoming popular again as the centerpieces of monochromatic landscaping. The designs are appealing and restive, driven as they are by massed ferns, moss, leaves, bark, berries, rock and foliage combinations. They serve some practical purposes, too. “Cool, mossy and damp, small space woodland gardens bring a welcome sense of organic Zen and a respite from digital overload, especially in dense urban areas where they can help to mitigate the effects of pollution,” said Elka Karl, a spokesman for Monrovia Nursery Co., based in Azuza, California. “It’s like bringing ‘forest bathing’ to the city with mixes of ferns, mosses, coral bells,

hostas and anemones in high-contrast, almost unnatural places for a garden style that’s gaining ground,” Karl said. She said the company has seen a marked increase in consumer demand for all types of woodland plants over the last three years. One of the best attributes of plants with green foliage is that they’re the chameleons of the garden, said Kate Karam, Monrovia’s editorial director. “A holly, for example, can be left to grow into its natural form for a more woodland look or can be sheared into a tight shape suitable for a formal garden,” Karam said. Green gardens don’t have to be exclusively green, although foliage dominates.

“Even the greenest of green gardens will likely have some flowers, such as plants that bloom but are chosen for the foliage,” Karam added. “Grasses, spurges and hostas are good examples. Yes, they flower, but most of us don’t really grow them for that benefit.” There aren’t many “green flowers” in nature, but varieties like Nicotiana langsdorffii, euphorbia and Green Envy zinnia, among others, can be layered into the foliage, said Karen Chapman, a garden designer and coauthor, with Christina Salwitz, of Gardening With Foliage First (Timber Press). Chapman said the monochromatic palette “can be adapted to create a richly textured, shaded woodland border with a framework

of Japanese maples, feathery ferns and bold hosta, or a more traditional design of clipped boxwood hedges and architectural conifers.” People today are often pinched for time and less able to tend flower gardens, Monrovia’s Karam said. “They turn to hardworking evergreen or seasonally green plants, especially hedges and shrubs, to give the biggest bang and the longest show,” she added. “Plants like conifers, boxwoods, grasses, laurels, hollies, ferns, rhododendrons, drimys, aralia, green-leafed Japanese maples are some of our best sellers.” When designing all-green gardens, consider a blend of texture, form and coloration.

Foliage varies in texture from rough to smooth, glossy to lusterless. Shapes and sizes range from plants with huge round leaves to grasses with long feathery blades. Seek complementary colors. Japanese painted ferns, for example, display attractive blue-green fronds with contrasting deep red ribs and silver edging. “I would say the benefit for many homeowners would be the opportunity to create an urban oasis; a meditative space where the distractions of life are minimized and one can quietly refocus,” Chapman said. “An all-green-garden would be an excellent environment in which to practice yoga or mindfulness.” AP

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Alison Gaylin probes how violence affects families By Oline H. Cogdill The Associated Press

HE popularity of true crime podcasts bleeds into the tightly plotted Never Look Back (William Morrow) by Alison Gaylin. Her fictional hero Quentin Garrison uses his position as the interviewer for the Los Angeles-based podcast “Closure” to chronicle how violence affects families for decades in various ways. Alison Gaylin’s 11th novel perceptively examines family dynamics, the domino effects of violence and our personal stories—real or invented—that help us maneuver through life. The strong tension that launches Never Look Back only intensifies with each surprising twist. Violence destroyed Garrison’s family and he inherited the aftermath. His mother’s youngest sister was only four when she was killed in a shootout by teenagers Gabriel LeRoy and April Cooper, nicknamed the Inland Empire Killers who ended up murdering 12 people in Southern California in 1976. His grandfather, devastated by his little girl’s murder that led to his wife’s suicide, neglected his surviving child. A drug addict all her life, Kate became the kind of parent she had—neglecting Quentin, destroying his self-confidence and crushing his sense of identity. He’s afraid to ever show his true self to his husband, Dean, or his lifelong best friend and coproducer, Summer. Quentin uses “Closure” for his own sense of closure by first trying to interview his grandfather, whose

bitterness still simmers. The two have a fight. Quentin finds another angle for his podcast when a source calls to say he believes a woman named Renee Bloom is really April, who was presumed killed in a fire along with Gabriel. The source says he recognized April’s voice and mannerisms when he saw Renee doing a televised discussion with her daughter, online film columnist Robin Diamond. Although skeptical, Quentin still flies to the New York area to find the truth, igniting another chain of violence. The solid plot of Never Look Back also works well as a character study as Gaylin intelligently delves into each person’s psyche. Robin, wrapped up in her fraying marriage and online haters who object to her column, begins to wonder just how well she knows her mother, who never talked about her past. The idea that this well-liked suburban matron who was a loving mother could be a killer living incognito seems preposterous to Robin—the fodder of B movies. And yet, the more Robin begins to consider this, the more she wonders about her mother. Quentin is clinically depressed, obsessive and possibly violent, but Gaylin’s realistic shaping makes the reader also feel for him. Damaged by his family and its history, Quentin has still managed to inspire love and devotion from Dean and Summer, despite his protestation that he’s not a good person. Never Look Back is another superior outing from Gaylin, who won the 2019 Edgar for her last novel, If I Die Tonight. n

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Fred Savage, 43; Jack White, 44; Tom Hanks, 63; Jimmy Smits, 64. HAPPY BIRTHDAY: Look for the good in everything and everyone. Learn by observing, and practice using positive means to accomplish the most. Learn to play and laugh more, and you’ll get more done during the time you allow for work. Being balanced will lead to greater freedom and encourage you to be receptive to concepts you may have discouraged in the past. Your lucky numbers are 7, 10, 23, 29, 32, 38, 42.

ARIES (March 21-April 19): Steer clear of melodrama at home or at work. Your emotions will be difficult to control if you don’t keep busy. Look at the choices you have, and give others as much space as needed to avoid an argument. HHH

TAURUS (April 20-May 20): Put greater emphasis on learning, discovery and trying something new. If you look for fault, you are bound to find it. Choose to have a positive attitude, regardless of what others do or say. HHH

GEMINI (May 21-June 20): Discuss what you want to happen with someone close to you. A discussion will help you flesh out any problems that can develop before you invest too much time, money or emotions into something. HHHHH

CANCER (June 21-July 22): Remember past mistakes that led to an argument or emotional meltdown, and don’t make the same slipup again. Choose to take a different route, approach or stance to ensure you keep the peace. Substantial improvements can be made. HH

LEO (July 23-Aug. 22): Share your thoughts. Participate in business events or volunteer services that can lead to new opportunities. You may crave change, but it has to be the right move before you proceed. Listen, verify the information you receive and carry on. HHHH

VIRGO (Aug. 23-Sept. 22): Go about your business if someone overreacts. Make a change that will encourage you to be around positive individuals who are supportive and willing to pitch in and help. You may want to consider changing your lifestyle or personal situation. HHH

LIBRA (Sept. 23-Oct. 22): Distance yourself from people who try to control or manipulate you. Use your intelligence to deal with matters that can affect your position or reputation. Making a fuss will make things worse. Be direct to avoid being backed into a corner. HHH

SCORPIO (Oct. 23-Nov. 21): Take the initiative, and carry on as planned. Your actions will be what shape the possibilities that lay ahead. Show someone you love how much you care by taking the time to appreciate the little things he or she does for you. HHH

A house sitter becomes a target in ‘Lock Every Door’ A HISTORICAL New York City apartment building complete with wealthy celebrity residents, gargoyles and a storied legacy including the setting of a best-selling book would seem to be the ideal place to call home. The location couldn’t be better, even if the stay is temporary—a three-month apartment-sitting stint, thinks Jules Larsen, the young, down-on-her-luck heroine in the deliciously frightening Lock Every Door (Dutton) by Riley Sager. Jules can’t believe that the ad for house sitter is for a luxury apartment at the Bartholomew, the locale of her favorite novel. Located near the more famous Dakota and the San Remo, the Bartholomew—“a mere wisp of thing” only 13 stories tall—had its own lore. Unlike those other “behemoths,” the Bartholomew was “small, intricate, memorable.” In addition to staying in her dream apartment, the job would help Jules rebuild her life. Jobless since her company downsized and homeless since she moved out of her cheating boyfriend’s apartment, Jules has been sleeping on her only friend’s couch. The job would give her a place to live and pay $12,000 for the three months, giving her time to look for employment. The job comes with just a few rules—no visitors ever; no spending an entire night away; no bothering the residents or gossiping about them. Seems fair, thinks Jules, who ignores

the adage that if it’s too good to be true, it probably is. Faster than one can say Rosemary’s Baby, Jules begins to notice oddities in the building, strange sounds and unusual architecture. Even the wallpaper takes on a sinister feeling. Are those really flowers or eyes watching her? News stories about mysterious deaths and rumors of hauntings are forwarded to her by a friend. Jules strikes up a friendship with another apartment sitter who disappears one night. Turns out the young woman isn’t the only apartment sitter who abruptly left. Tension accelerates with each day’s stay as Sager keeps the suspense grounded in reality in his third novel. The appealing Jules has an inner strength but also an acute vulnerability that stems from being alone in the world since her sister disappeared four years before, followed by her parents’ death. Jules wants to belong and have a home. She believes she has found that, however temporarily, especially when it seems the author of her favorite book takes an interest in her. Dedicated to Ira Levin, the prophetically titled Lock Every Door builds to a devastating finale that is more chilling—and believable—than Rosemary giving birth to the son of Satan. Sager uses the darkening atmosphere and the tiniest thing that goes bump in the night for the utmost terror. As for locking every door—that may not be enough to keep out real evil. AP

SAGITTARIUS (Nov. 22-Dec. 21): Be smart when it comes to money, health and legal issues. Listen carefully, and respond only to what’s necessary. Don’t give in to someone who is making a fuss or giving you an ultimatum. You can’t buy love or respect. HHHH

CAPRICORN (Dec. 22-Jan. 19): Don’t get down; get moving. Refuse to let emotions interfere with what you know you should do. A change at home will bring peace of mind, even if it’s not exactly what you want to happen. HHH

AQUARIUS (Jan. 20-Feb. 18): Money matters must not be ignored. Look for solutions that will help you cut costs. Working alongside someone who shares your sentiments will help you overcome someone who is fighting you every inch of the way. Don’t disclose personal information. HHHHH

PISCES (Feb. 19-March 20): A creative pursuit will change the way you move forward. Consider turning one of your skills or ideas into a second income. Start small, and use your connections to help you grow at a rate you can handle. HHH BIRTHDAY BABY: You are emotional, caring and stubborn. You are dedicated and transparent.

‘mixed greens’ BY CHRISTOPHER ADAMS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Sacred spots 7 “As I see it,” briefly 11 “The Puzzle Palace” org. 14 Warren Buffett, geographically 15 Have to have 16 “I’m ___ ears!” 17 Tropical cocktails (see letters...7-11) 19 “Cheap Thrills” singer 20 Recuperate 21 Had a little lamb, say 22 Both parents in some families 23 “There Will Come Soft Rains” poet (...7-11) 26 Sporty Spice 27 Former Cowboys coach in a fedora 29 On the ocean 32 Like farm country 35 Regret deeply 36 Do an usher’s job 37 Made fancy 38 Guadalajara greeting 39 Under the weather 40 Back with a wager

1 One using Juuls 4 42 Arizona alternative 44 “Awesome,” online 46 Lettuce-drying tool, or a hint to this puzzle’s theme (...2-6!) 50 “High Voltage” rockers 51 City in French Flanders 52 Essential thing 55 Pronoun for Miss Piggy 56 Dessert topped with meringue (...5-9) 58 Bumble or Bristlr 59 Factory safety org. 60 Bran cereal fruit 61 ___ Miserables 62 V.A. hospital concern 63 “Guess I’m missing out” DOWN 1 One junior to a junior, casually 2 French friend 3 Mommies’ mommies 4 Timothee of Call Me by Your Name 5 Tic ___ 6 Like one battery terminal

7 Ridiculous 8 She helped Jason 9 “D’oh!” accompanier (...3-7) 10 Has too much, for short 11 Congestion relief option (...2-6) 12 Calculator ancestor 13 “Sad to say...” 18 Rhyming English class, briefly 22 Longtime anchor Rather 24 Actor Stephen 25 Indian lentil dish 28 2020, e.g. 29 A-apple connector 30 Observatory instrument 31 Chips accompaniers (...2-6) 33 Japanese veggie that’s one letter short of a noodle 34 Get out of hand 37 Bringing up the rear 38 Poison-pen letters 40 Arthur of Maude 41 Otto ___ Bismarck 43 “No Scrubs” singers 45 Slot machine feature

7 Guru followers 4 48 Entreat 49 Either Avengers: Endgame director 50 Human-rights lawyer Clooney 53 Aspen equipment 54 Suns 56 Dizzy Gillespie genre 57 Nonclerical Solution to yesterday’s puzzle:

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‘IslaFest’ celebrates uniqueness of Filipino, Japanese cultures RAIN or shine, the unpredictable weather didn’t stop thousands of Japanese and Filipino in Japan to flock together at the Ueno Park in Tokyo for the first-ever Filipino-Japanese fusion festival, “IslaFest.” “Islafest is ABS-CBN TFC’s own fusion festival that we launched in Japan recently. It is the fusion of the Filipino and Japanese cultures, music, talent and, of course, food. In partnership with MOR 101.9, we brought Kapamilya artists for each day of the festival,” said ABS-CBN Global Managing Director for Asia Pacific Maribel Hernaez. This was the first partnership between the Philippine Expo Organizing Committee and TFC. Some of the Japanese locals who went to the festival shared on their social-media accounts how much they enjoyed being with their friends and meeting new people. Among the most anticipated activities in the threeday festival were the performances from Filipino and Japanese artists and performers, giving everyone a festive vibe that perfectly fit the event. Over 15 Japanese artists and performers gave the non-Japanese festivalgoers a taste of their culture and arts through different performances that ranged from song and dance numbers, to comedic stints. Among them were all-girl group Kamen Joshi, Beverly, the all-girl idols Junetsu Dream Around 40 Super Idol, TJ Hirotoshi Maeda, FEAM and HPN 3. Meanwhile, bringing the Filipino-festival vibe to the event were Filipino artists Iñigo Pascual, Angeline Quinto, Maymay Entrata, Edward Barber and Jericho Rosales. Iñigo brought the house down on the first day of the festival. Following the reception of the crowd to his performance, the Tarsier Records artist said: “The energy was super fun. Nakakatuwa kasi maski hindi Pinoy ’yung nanonood eh nakikisaya, which really shows that music can unite people and it doesn’t matter what language you speak.” The crowd went wild when Maymay Entrata and Edward Barber appeared onstage for their song-anddance number. They also didn’t miss the opportunity to interact with their fans at the festival. The popular loveteam dedicated their performance and visit to the overseas Filipinos in Japan: “Being an OFW must not be taken lightly because it is one of the hardest jobs in the world. You do everything, be far away from your families it’s very difficult, so the chance to bring them some happiness and give them a way to fight their homesickness in a three-day festival was a big deal for us,” they said. Some of the highlights and activities of IslaFest can be viewed at www.mytfc.com or www.facebook.com/ TFCAsia.

MAYMAY ENTRATA and Edward Barber thrilled many fans in Japan.

IÑIGO PASCUAL works the crowd at IslaFest.

JAKE GYLLENHAAL (left), and Tom Holland in a scene from Spider-Man: Far From Home, which raked in an estimated $185.1 million since opening on Tuesday to become the No. 1 film at the North American box office.

‘Spider-Man’ soars with $185.1M over six-day holiday weekend

By Jake Coyle The Associated Press

EW YORK—It pays to have one of the biggest lead-ins ever. Spider-Man: Far From Home, the first Marvel movie after Avengers: Endgame, swung past any franchise fatigue to dominate the July Fourth holiday weekend, raking in an estimated $185.1 million since opening on Tuesday and earning $93.6 million from Friday to Sunday in North American theaters. The opening gave Sony Pictures one of its best weeks ever. Far From Home, which opened overseas before landing in the United States, has grossed $580 million worldwide in 10 days of release. It also came with an assist from Disney’s Marvel Studios, which has partnered with Sony on this and its last two Spider-Man releases: 2017’s Spider-Man: Homecoming and last year’s animated spin-off SpiderMan: Into the Spider-Verse. Though Far From Home fell short of the $117 million Friday to Sunday domestic opening of Homecoming, its unconventional on Tuesday opening paid off. The film’s $39.3 million opening day set a record for any movie on a Tuesday. To help whet the appetites of Marvel fans—and to approach the record $2.79 billion gross of Avatar— Disney re-released Endgame in theaters the weekend ahead of Far From Home.

Part of the draw of the film, starring Tom Holland as Spider-Man and Jake Gyllenhaal as Mysterio, was seeing the first installment in a new chapter of the Marvel Cinematic Universe. (Endgame still narrowly trails Avatar, unadjusted for inflation, with $2.77 billion.) The strong performance of Far From Home, which cost approximately $160 million to produce, along with the sustained interest in holdovers like Toy Story 4, Yesterday, Annabelle Comes Home and Aladdin, helped the industry knock down the deficit compared with this time last year about a percentage point. Due in part to a number of underperforming sequels including Godzilla: King of Monsters and Men in Black: International, the year is running 8.4 percent behind last year. But Marvel has been immune to the ups and downs of sequel making—it’s behind the year’s top 2 films: Endgame and Captain Marvel. Paul Dergarabedian, senior media analyst for comScore, thinks Far From Home may have turned the tide. “This movie was exactly the shot in the arm the summer needed, emotionally and spiritually if not financially,” said Dergarabedian, who noted the weekend overall was roughly equal to the same time frame last year. “The whole notion of franchise fatigue, while true in some cases, is not in all. When movies aren’t great, that’s when people get fatigued.” Perhaps just as cheering for the industry is how well a number of films are holding. After two weeks atop the box office, Toy Story 4 slid a modest 43 percent to second place, with $34.3 million. It has now taken in $650 million globally. Universal Pictures’ Beatles-themed romantic comedy Yesterday dropped only 37 percent in its second weekend, with $10.8 million. The Warner Bros. Conjuring spin-off sequel Annabelle Comes Home snagged $10.8 million in its second weekend. And Disney’s Aladdin, with $7.6 million in its seventh week of release, has accumulated $921.7 million worldwide. Just behind those films was Ari Aster’s sundappled horror tale Midsommar, starring Florence Pugh, drawing $6.6 million over the weekend and

$10.9 million since opening on Wednesday. The debut was well shy of the $13.6 million opening of Aster’s first-feature sensation Hereditary, starring Toni Collette, which became A24’s highest grossing film, with $79.3 million worldwide. A24 nevertheless hailed the results for Midsommar, saying “it firmly cements Aster as one of the most exciting new directors to come around in a long while.” Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Spider-Man: Far From Home, $93.6 million ($238 million international) 2. Toy Story 4, $34.3 million ($43.1 million international) 3. Yesterday, $10.8 million ($7.9 million international) 4. Annabelle Comes Home, $10.8 million ($20.4 million international) 5. Aladdin, $7.6 million ($16.2 million international) 6. Midsommar, $6.6 million ($761,000 international) 7. The Secret Life of Pets 2, $4.8 million ($22.4 million international) 8. Men in Black: International, $3.6 million ($3.7 million international) 9. Avengers: Endgame, $3.1 million ($1.3 million international) 10. Rocketman, $2.8 million ($1.5 million international) Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore. 1. Spider-Man: Far From Home, $238 million 2. The White Storm 2: Drug Lords, $59.7 million 3. Toy Story 4, $43.1 million 4. The Secret Life of Pets 2, $22.4 million 5. Annabelle Comes Home, $20.4 million 6. Aladdin, $16.2 million 7. Yesterday, $7.9 million 8. Spirited Away, $4.1 million 9. Men in Black: International, $3.7 million 10. Pig Man: Happy Pig Year, $3.1 million. n

Royal baby Archie christened at private Windsor ceremony By Jill Lawless The Associated Press LONDON—The youngest member of Britain’s royal family, Archie Harrison Mountbatten-Windsor, was christened at Windsor Castle on Saturday in a private ceremony—too private for some royal fans. The two-month-old son of the Duke and Duchess of Sussex was baptized in the castle’s private chapel by Archbishop of Canterbury Justin Welby, head of the Church of England. Palace officials said that, in keeping with royal tradition, Archie wore a lace and satin christening gown—a replica of one made for Queen Victoria’s eldest daughter in 1841—that was also used for his cousins Prince George, Princess Charlotte and Prince Louis. He was sprinkled with water from the River Jordan at an ornate silver baptismal font that has been used in royal christenings for more than 150 years. Archie, born May 6, is the first child of Prince Harry and the former Meghan Markle, and seventh in line to the British throne.

His parents released two photos taken by fashion photographer Chris Allerton, including a black-andwhite image showing the couple cradling a tranquil Archie between them, with the castle’s Rose Garden in the background. It was accompanied by a color portrait taken in the castle’s Green Drawing Room of the young family surrounded by relatives, including Harry’s brother Prince William and his wife Kate; Harry’s father Prince Charles and his wife Camilla; Meghan’s mother Doria Ragland; and Jane Fellowes and Sarah McCorquodale, the sisters of Harry’s late mother Princess Diana. Archie’s great-grandmother, Queen Elizabeth II, did not attend the christening because of a prior engagement. Meghan and Harry have faced criticism for declining to reveal the names of Archie’s godparents, and not giving the public a glimpse of the event— though that didn’t stop well-wishers coming to Windsor with Union Jack flags, banners and even a cake to mark the occasion.

Harry, whose mother Diana was pursued by paparazzi until her death in a Paris car crash in 1997, has long had a tense relationship with the media. The tension intensified after he began his relationship with Meghan, an American former actress who starred in TV legal drama Suits. In May, Harry accepted damages and an apology from a news agency that used a helicopter to take photos of a secluded rural retreat that he and Meghan had rented. Earlier this year the couple moved from central London to a more secluded home near Windsor Castle, some 25 miles (40 kilometers) west of London. The royal couple’s decision not to allow media access to the christening sparked controversy in part because of the recent revelation that their Frogmore Cottage home was renovated with £2.4 million ($3.06 million) of taxpayers’ money. Royal fan Anne Daley, who brought a home-baked cake to Windsor, said she was “very hurt” by the level of privacy. “That baby is Princess Diana’s grandson. We should be able to see the christening,” she said.

THIS is an official christening photo released by the Duke and Duchess of Sussex on July 6, showing Britain’s Prince Harry and Meghan, the Duchess of Sussex, with their son Archie Harrison MountbattenWindsor at Windsor Castle. AP

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Tuesday, July 9, 2019

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AUSTRIAN EMBASSY UNVEILS LGBTQIATHEMED MURAL AT INTRAMUROS INTRAMUROS celebrates diversity and inclusivity with the Austrian Embassy’s “Smile at a Common V.2: For All LGBTQIA+” public mural. Situated across Museo de Intramuros, the artwork was unveiled by Austrian Ambassador Bita Rasoulian and Austrian drag queen Tamara Mascara during the recent MNL x VIE Equality Fest 2019. Smile at a Common is a project that attempts to influence our perception of ourselves. As a public wall mural, it inspires attitudinal change by forcing us to confront our sense of identity and togetherness. “For All LGBTQIA+” is the second version after “For All Women.” Featuring mirrored portraits of celebrated and upand-coming artists who are also members of the LGBTQIA+ community, “For All LGBTQIA+” finding a home in Intramuros is a tangible artistic expression of the inseparability of identity, freedom, culture and sense of community. This project, in partnership with the Intramuros Administration, with the Austrian Embassy at the helm, is the complete creative fusion of Austrian artist Katharina Kapsamer’s urban adventure project “Smile At A Fire Hydrant” and Salzburg Global Seminar for Young Cultural Innovators Alum Filipino artist Ralph Eya’s new genre public art intiative “We Are Common.” The MNL x VIE Equality Fest 2019 was a campaign against gender-based discrimination and violence by the Austrian Embassy Manila, Frontrow and Love Is All We Need. The five-day festival championed human rights and the dignity of the LGBTQIA+ through creative activism. It was presented in cooperation with the UP Center for Women’s and Gender Studies, UP Babaylan, Babaylanes Inc. and Benilde Hive; with the support of EuroPride Vienna 2019, MAC Cosmetics Philippines, Intramuros Administration, Film Development Council of the Philippines, DigiAds and Think Big Events; and venue partners Tarzeer Pictures, Tomatito Manila, UPFI Film Center-Cine Adarna, Cinematheque Centre Manila, School of Fashion and the Arts and XX XX.

UNTITLED, Dan Liquigan, 2018, colored pencil and acrylic

UNTITLED, Dan Liquigan, 2018, watercolor and pen

Bright, sunny Dan CIRCLES JT NISAY

jtnisay@gmail.com

“I paint �lowers so they will not die.”—FRida kaHlO

ETWEEN pancake-y drawings of the Banaue Rice Terraces copied from a classroom poster, and a miniature pirate ship created with glued toothpicks and perseverance, there was a good span during my childhood when I honestly thought that I had the makings of an artist.

It was a belief that effectively, and thankfully, came to an end when I met Danella. I remember sitting next to her during elementary and being mesmerized just by how she held a pen. I held mine close to the tip, too close to it even, as if three of my fingers are jockeying for position for the ballpoint. Meanwhile, she wielded it with the grace of an impassioned poet holding a quill, creating mesmerizing art to match. I remember her drawing eyes. She loved to draw eyes. Hers were gorgeously round and so were her drawings. She used to sketch them with simple lines. Over the years, her depiction of eyes aged with her, growing more textured and more ladylike, much like herself, with the lashes made longer and curlier, and the eyebrows more defined. It was clear early on that she had a penchant for all things pretty and positive. She was a radiant girl who sketched whatever made her happy, what she dreamed of becoming, what drove her in life, anything, and sketched everything well.

UNTITLED, Dan Liquigan, 2018, watercolor and pen

She created art for artistic expression. That’s why most of the time, she drew random images on a common page despite lacking relation with each other, without a single picture to hold them together. She didn’t care if a teddy bear floats on the top right corner, while a slender woman lies below, with flowers scattered around. She just wanted her thoughts put on paper. I idolized her for her art, until I discovered that her colors as a person were so, so much brighter. We became good friends since childhood under one tight-knit group and I learned quickly that she loved to laugh. She also loved the sun, the beach, pastels, her husband Bej, her family, her coffee shop, her dreams. She loved life. Last week, she passed away. She was 26. Here’s to you, Dan, for showing us how to live life to the fullest, with the biggest smile and the warmest heart. Thank you. Most of all, Dan, thank you for your most beautiful artwork, which is your light. n

MaArte oPEN House: A melding of Filipino creativity and hospitality MARK your calendars. The eagerly-awaited MaArte fund-raiser organized by the Museum Foundation of the Philippines Inc. (MFPI) is set from August 16 to 18 at The Peninsula Manila. Long regarded as the most prestigious showcase for arts and crafts, the three-day fair will once again showcase exclusive, limited-edition pieces by Filipino craftsmen of men and women’s fashion, home décor, food and fashion accessories. “The 2019 edition however will offer a different shopping experience from previous years,” says MFPI President Albert Avellana. “Instead of The Peninsula Manila’s gallery, the fair will take place in a designated guest floor, with

exhibitors spread out across 29 guest rooms, from which they can showcase their pieces and engage with shoppers.” MFPI board member Mico Manalo elaborates: “We took inspiration from the legendary opendoor parties of Syquia apartments in Malate in the early 2000. At that time, Syquia was a known enclave of artists, fashion designers, publishers and other creatives. Around Christmas time, the residents would designate a date wherein guests can move from one apartment to another to party and socialize. There was a sense of community and openness then. That melding of the creative spirit and hospitality is what we aim to

recreate during the fair.” MaArte oPEN House will feature more than 60 vetted exhibitors, including Mich Araullo, Randy Ortiz, Gifts & Graces, Aranaz, Haute Home Manila, Micki Olaguer, Riqueza, Antukin, Two Chic, Oscar Mejia Fragrances, Tim Tam Ong, Beyond Borders, D’Oro Barandino, TDLG by Tweetie de Leon, O&M, PioPio, Good Luck, Humans, Creative Definitions, Yvette’s Bags, Iraya Mangyan, Siklo, Tatsulok (a special collaborative project by MaArte fair favorites Natalya Lagdameo, Filip+Inna and Balay ni Atong), and more. Upcoming new brands include FDCP members Joel Escober, Lally Dizon, Maco Custodio for Pinoy

ManCave, Coco and Tres, Pika Pika + Pinta, Vesti, Solsuela and Evangeline Austria. This year’s fair will also feature fine edibles by Auro Chocolates, Green Babes and Felicisimo Gourmet Homecooking. The rich showcase of Pinoy craftsmanship, the highlighting of local but global design and functionality, and creating more opportunities for local business are but some of the reasons why The Peninsula Manila remains as venue partner for the third consecutive year. “It’s a celebration of our culture,” says Mariano Garchitorena, the hotel’s director of public relations. “The potters from Sagada, weavers from Lake Sebu, bag makers of Davao, and jewelers from

Muntinlupa create beautiful objects while creating jobs. When you purchase something at the MaArte Fair, you never know what this might bring into your life—a thing of beauty and function, and maybe even a renewed love of country.” Alongside the annual fund-raiser, the MFPI will also hold MaArte Talks, a series of conversations with select business owners who can offer new entrepreneurial tips and insights. MaArte oPEN House is free and open to the general public. More information is available from the Museum Foundation of the Philippines at www.museumfoundationph.org or maartefair@ gmail.com.

Missing treasure: Delacroix canvas rediscovered, now on sale By CaTHeRine gasCHka The Associated Press PARIS—It’s been hanging on people’s walls for almost 170 years without drawing much attention, but a painting showing a group of women has turned out to be more than meets the eye. The most recent owner of the picture, a Parisian woman, has found out that what she has is a longforgotten painting by 19th-century French Romantic artist Eugene Delacroix. “A woman walked into the gallery with a painting under her arm, telling me she’d just visited the Delacroix exhibit at the Louvre Museum...and that she thought her painting shared some resemblance” with the artist’s Women of Algiers in their Apartment, said Philippe Mendes, director of the Galerie Mendes in Paris. “I took a look at the painting, which was dirty and with a very thick yellow varnish, but I felt it had Delacroix’s very particular style. So I said, let’s clean the painting and let’s see what comes out of it,” he told The Associated Press in an interview. “After we cleaned it, the radiant and extraordinary colors typical of Delacroix really stood out and we knew we had to start doing some real research.” The painting, now hanging in Mendes’s gallery as he negotiates with a US museum seeking to buy it, shows a pale woman seated and an African slave standing next to her, looking at the other woman over her shoulder. The same scene is captured in Women

of Algiers in their Apartment, which was painted after in 1833-34 after Delacroix visited North Africa. That painting now lives in the Louvre. Art historian and Delacroix expert Virginie Cauchi-Fatiga investigated the curious canvas at Mendes’s request. She analyzed the technique and use of colors, compared it with other Delacroix paintings, then used infrared and x-ray images to look deeper. After more than a year of examination, her verdict: She says with “absolute certainty” that the painting is a Delacroix work, a study for Women of Algiers. The study was sold at auction in 1850 and hadn’t been shown in public since. She called it a discovery “of prime importance, because it really is a gateway into the artist’s mind right at the moment” he was working on Women of Algiers. “The colors are distinctive of Delacroix’s work, but it’s also about how they are associated,” she said. “He doesn’t use color in the same way as other big classical painters—color is not an accessory for him. He shapes his painting around colors.” The painting bears no Delacroix signature, since it is only a study, she said—but does bear a stamp at the back of the canvas reading “118.” That matches the number listed for the study in the catalog of paintings sold at auction in 1850 by the Count de Mornay, a diplomat who sponsored Delacroix’s trip to North Africa, Mendes said. Lot 118 was bought for a private collection, and its subsequent movements aren’t known. The Parisian woman bought the painting about

PHILIPPE MENDES, owner of the Galerie Mendes, speaks during an interview for the presentation of Eugene Delacroix oil painting, Women of Algiers in their Apartment, in Paris. AP

10 years ago with her father, but does not want to be publicly identified, Mendes said. He also showed the canvas to experts at French museums that hold Delacroix paintings and received an export certificate from the Culture Ministry identifying it as a Delacroix work. The National Eugene Delacroix Museum in Paris and its parent, the Louvre, would not comment on the painting because it is on the open market, but did not

question its authenticity. The Metropolitan Museum in New York, which hosted a Delacroix exhibit in 2018, would not comment on a work outside its collection. No one would comment on the possible value of the painting. Paul Exbrayat of the Britain-based Art Loss Register said the painting had not been listed on international databases as missing or stolen, and described it as just long-dormant. “It has woken up from a long slumber, like Sleeping Beauty,” he said.